Flashcards
Week I Cue Cards
Cards in this deck (5)
- 1What are the two *types* of taxesOne time taxes and Annual taxes
- 2HST and GST are One time taxes T/FFalse
HST and LTT are one time taxes paid upon purchase - 3Property taxes are the largest and most important revenue source for municipalities T/FTrue
- 4Four Components of Property Taxation for Ontario Model1. Provincial Government: Passes legislation
2. Municipal Property Assessment Corp: Determines current value assessments
3. Municipalities: Determine revenue requirements
4. Assessment review board: Handles assessment appeals - 5Difference between sale price and market valuePrice buyer and seller agree to in one particular transaction is sale price.
Market value is usually appraised, using other sales in the area etc.