I was just chatting to my sis in Canada. She sent me a copy of her property tax form.
Her assessed value is at below the market value of the house.
Her assessed value is $310,000. (Official valuation) (She knows that her house would fetch at least $350,000 based on recent sales in her area.) Her capped value is $230,000 (official valuation) So she pays tax on the lesser amount. Capped value 2 years ago was $214,000. Capped values are placed in "hot spots" where prices rise quickly on property values.
What does this money pay for?
Local funding:
urban general tax - rate of tax to be paid
Transport
Fire Protection (hydrants)
Education
Snow clearing
Provincial funding:
Education
Property valuation service
Correction services
Housing authority
Her property tax bill is in the region of $3000 per annum.
So, in her area they don't look for market value of the property. She is delighted, obviously, that this is the case.
Maybe this is what revenue intends for us here in Ireland without spelling it out to us. Do we really want to be spoonfed?
We are all (histrionics, I know) fretting over nothing in relation to the guideline valuations.
Revenue might be very happy for us to have self-directed valuations based on their guidelines.
Marion
Her assessed value is at below the market value of the house.
Her assessed value is $310,000. (Official valuation) (She knows that her house would fetch at least $350,000 based on recent sales in her area.) Her capped value is $230,000 (official valuation) So she pays tax on the lesser amount. Capped value 2 years ago was $214,000. Capped values are placed in "hot spots" where prices rise quickly on property values.
What does this money pay for?
Local funding:
urban general tax - rate of tax to be paid
Transport
Fire Protection (hydrants)
Education
Snow clearing
Provincial funding:
Education
Property valuation service
Correction services
Housing authority
Her property tax bill is in the region of $3000 per annum.
So, in her area they don't look for market value of the property. She is delighted, obviously, that this is the case.
Maybe this is what revenue intends for us here in Ireland without spelling it out to us. Do we really want to be spoonfed?
We are all (histrionics, I know) fretting over nothing in relation to the guideline valuations.
Revenue might be very happy for us to have self-directed valuations based on their guidelines.
Marion