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Step 1: Assess the Property’s Value. Governments use one of three methods to determine a property’s value: The sales comparison method: An assessor compares a property to similar properties ...
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Tax assessment, or assessment, is the job of determining the value, and sometimes determining the use, of property, usually to calculate a property tax. This is usually done by an office called the assessor or tax assessor. Governments need to collect taxes to function.
Common estimation techniques include the comparable sales method, the depreciated cost method, and an income method approach. Property owners may also declare a value, which is subject to change by the tax assessor. Once the value is determined, the assessor typically notifies the last known property owner of the value determination.
For example, if the tax rate is 51.7 mills, multiply .0517 by the assessed value (Property Value x Assessment Ratio) to determine the amount of property tax due.
The annual property tax is usually a percentage of the taxable assessed value of the property. The taxable assessed value is commonly determined by the assessment service provider of the municipality. The annual property tax rate for any province contains at least two elements: the municipal rate and the education rate.