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A payment in lieu of taxes, abbreviated as PILT or PILOT, [1] [2] [3] is a payment made to compensate a government for some or all of the property tax revenue lost due to tax exempt ownership or use of real property.
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.
The payment of the property tax is usually made before mid-October. The tax notice is drawn up in the name of the owner who is the only person liable for the property tax. The precise deadline for paying it varies depending on the method of payment chosen. Exemption from property tax. In certain situations the property tax allows exemptions.
Composition of state and local tax revenues by sales taxes (brown), property taxes (white), licenses and other fees (grey), individual and corporate income taxes (green) in 2007. Determining the value of property is a critical aspect of property taxation, as such value determines the amount of tax due.
Kelowna (/ k ə ˈ l oʊ n ə / ⓘ kə-LOH-nə) is a city on Okanagan Lake in the Okanagan Valley in the southern interior of British Columbia, Canada. It serves as the head office of the Regional District of Central Okanagan. The name Kelowna derives from the Okanagan word kiʔláwnaʔ, referring to a grizzly bear. [8] [9]
Greater Kelowna (officially known as Kelowna Census Metropolitan Area) is the largest metropolitan area in British Columbia. It's the fastest growing metropolitan area within B.C and the fifth fastest growing in all of Canada.
West Kelowna, formerly known as Westside and colloquially known as Westbank, is a city in British Columbia's Okanagan Valley on the west shore of Okanagan Lake. The city encompasses several neighbourhoods, including Casa Loma, Gellatly, Glenrosa, Lakeview Heights , Shannon Lake, Smith Creek, Rose Valley, Westbank , and West Kelowna Estates.
Kelowna City Council is the governing body of the city of Kelowna, British Columbia, Canada. The council consist of the mayor and eight elected city councillors who represent the city. Municipal elections are held every four years across the Province on the third Saturday of November.
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