2467208
Description
Flashcards by dylan_earl, updated more than 1 year ago
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Created by dylan_earl
about 9 years ago
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| Question | Answer |
| What are the two *types* of taxes | One time taxes and Annual taxes |
| HST and GST are One time taxes T/F | False HST and LTT are one time taxes paid upon purchase |
| Property taxes are the largest and most important revenue source for municipalities T/F | True |
| Four Components of Property Taxation for Ontario Model | 1. 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 |
| Difference between sale price and market value | Price buyer and seller agree to in one particular transaction is sale price. Market value is usually appraised, using other sales in the area etc. |
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