Week I Cue Cards

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REH
dylan_earl
Flashcards by dylan_earl, updated more than 1 year ago
dylan_earl
Created by dylan_earl almost 8 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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