How is my tax calculated

how is my tax calculated

Why Do I Pay Property Taxes?

Taxes are levied on owners of property to pay for basic services such as garbage and snow removal, community health programs, water supply and waste treatment, solid waste facilities, arterial roads, planning and growth management, social and children's services, policing, fire protection, emergency response programs, public libraries, parks & recreation, elementary and high school education.

For more information on the budget, click here .

How Is My Property Tax Calculated?

Your taxes are calculated by multiplying the property assessment, as shown on your tax bill, by the applicable tax rate, according to property tax class.

The tax rate for each property class is calculated by multiplying the tax ratio for the property class by the base tax rates determined by Richmond Hill to meet the annual requirements for the provision of its services. Similar

processes are used to set the Region of York tax rates. Education rates are established by the Province of Ontario each year.

The determination of property assessment values is the independent responsibility of the Municipal Property Assessment Corporation (MPAC). The Assessment Office uses the current value assessment approach in determining property assessment.

Use our residential property Tax Calculator to calculate your tax payment distribution.

If you have any questions with respect to your assessment, you may contact MPAC at (866) 296-6722.

An Explanation of Tax Ratios and Rates

Tax Ratios

Tax ratios define the relative tax burden across the property classes, and affect the ultimate rates for each class. Tax ratios must be set within flexibility ranges determined from Provincial regulations for each region. Tax ratios are set by the Region of York Council and are applied region-wide.

Source: www.richmondhill.ca

Category: Taxes

Similar articles: