Property Tax

Research Paper # 100241

Canadian Studies > Economics and Finance
Economics > Taxation
Political Science > Fiscal Policy (economy)

Property Tax

This paper explores the issues pertaining to property tax in Canada.

2,137 words () | 10 sources | MLA | 2007 United States

Paper Summary:

The paper relates that, in Canada, taxes are higher across the board than in many other developed markets, thus property tax issues are especially problematic. The paper explains how property tax is calculated and why property taxes are continually under attack from various public and private entities. The paper discusses areas that a tax authority or municipality can consider for reform and maintains that the methodology behind property tax determination is a process that should be under constant official scrutiny in order to create not only consistency but faith in the system.

Outline:
Introduction
Property Assessment
Assessment Characteristics
Local Perspectives
Conclusion

From the Paper:

"Property tax in general, no matter the market, is generally a contentious issue. However, in Canada, where taxes average higher across the board than in many other developed markets, they are especially problematic. In Canada, property taxes are usually determined by two factors: 1) an overall tax rate which is determined by the local taxing authorities or the local municipal governments within the Provinces, and 2) a property's given value which is assessed by the local municipal assessing agency ("Property" a). The fact remains that property tax no matter how contentious is still Canada's primary source of local and provincial revenues. Statistics Canada reports that as recently as 2003 property taxes constituted 35% of local municipality revenues in all provinces ("Property" b). Yet, this burden on the average citizen appears to be on the increase rather than the decrease and there is much speculation as to how the Canadian economy can continue to expand in such a heavily taxed environment."

Sample of Sources Used:

Baillie, A. Charles. "15-Year Plan to Make Canada the Economic Growth Leader." Canadian Speeches Mar.-Apr. 2001: 44-9.
Bernardi, Luigi. Tax Systems and Tax Reforms in Europe. Routledge; 2003.
Fiore, Nicholas J. "Determining the Form of Doing Business in Canada; Unexpected Problems for Companies Operating as LLCs." Journal of Accountancy 194.2 (2002): 70.
Green, Milford B. "Tax Reform in Canada: Our Path to Greater Prosperity." Canadian Journal of Regional Science 26.1 (2003): 209+.
"Keeping Canada Prosperous in an Economically Unsound World." Canadian Speeches Mar.-Apr. 2003: 4+.