Navigating the Canadian real estate market involves more than just finding the perfect property. You also need to understand the financial responsibilities tied to property ownership, such as property taxes. As a homeowner in Canada, comprehending the intricacies of property taxes is crucial. Here are some notes to get you started:
- Property Assessment: Property taxes in Canada are based on the assessed value of your property. Municipalities assess properties periodically to determine their market value. The assessment is a key factor in calculating property taxes.
- Municipal Jurisdiction: Property taxes are administered by local municipalities, which use the revenue to fund services such as schools, roads, garbage collection, and public…
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