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Canadian property law, or property law in Canada, is the body of law concerning the rights of individuals over land, objects, and expression within Canada. It encompasses personal property, real property, and intellectual property. The laws vary between local municipal levels, up to provincial and then a countrywide federal level of government.
The annual property tax is usually a percentage of the taxable assessed value of the property which is commonly determined by the assessment service provider of the municipality. The annual property tax for any province contains at least two elements: the municipal rate and the education rate.
At the time that the Interpretation Act (1867) was passed, [3] the Statutes of Canada were required to be distributed and published at the end of each session of parliament. [4] This was changed in 1984, with the volumes of the Statutes of Canada being required to be distributed and published at the end of each calendar year.
The tax burden is calculated by multiplying the value of the real property according to the official assessment code (Bewertungsgesetz) with the real property tax rate and with the applicable municipal multiplier. The real property property tax rate is set by the Federal state, in which the respective real property is located.
A non-refundable tax credit for charitable donations is calculated at the lowest tax rate for the first $200 in a year, and at the highest tax rate for the portion in excess of $200. Donations can result in a reduction in taxes of between 40 and 60% of the donation depending on the province of the taxpayer and type of property donated.
On the other end of the spectrum is notoriously expensive New Jersey, where the average property tax rate is 2.49%. There, the yearly tab is more than $5,400 despite an average home price of just ...
The remainder is taxed at the normal rate. A home valued at $150,000 would then be taxed on only $100,000 and a home valued at $75,000 would then be taxed on only $25,000. The exemption is generally intended to turn the property tax into a progressive tax.
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