Local Taxes
Definition
- In addition to federal and provincial taxes, those taxes imposed by local municipalities (such as a city or a county) for its government services.
Synonyms
municipal taxes, civic taxes, town taxes, city taxes
Related Terms and Acronyms
- Assessments — Definition,
- Special and local taxes imposed upon property which benefits from an improvement that has been made in the vicinity.
- Certificate of Occupancy (CO) — Acronym, Important,
- Authorization by a local government giving permission for someone to live in or use a building that has just been constructed or renovated.
➥ Zoning bylaw. - Classified Property Tax — Definition,
- A local government's levy on real estate that varies depending on the use of the property. Usually, commercial property is taxed more heavily than residential property where a classified property tax exists.
- Income Tax — Definition,
- The main source of revenue for the federal government and many Provinces. The tax is based on your earned and unearned income. The amount or percentage taxed is based on the amount of income, using the governments graduated tax scale.
- Infrastructure — Definition,
- Basic installations that a community needs, such as schools, roads, water and electrical lines, power plants and communications systems.
- Local Improvement Charge — Definition,
- A fixed annual fee levied by a municipality against specific real property for a specific period which amortizes the capital costs of local improvements such as sewers, paved roads, etc. This charge is in addition to real estate taxes.
- Mill Rate — Definition,
- A unit of taxation that is a set ratio made by the city or municipality in reference to property taxes.
- Personal Property Taxes — Definition,
- Tax paid on real property, intangible, or tangible property. To differentiate between real property and personal property, the tax assessing official must consider the manner in which property is attached to or secured at the location. Also called property taxes.
- Property Tax — Definition,
- A levy by a city on real estate and personal property whose amount varies depending on the property's value.
- Sales Tax — Definition,
- Federal and / or provincial taxes that are applied to purchases.
- Tax Instalment Payment Plan (TIPP) — Acronym, Canada,
- A popular property tax payment plan that allows you to pay your taxes monthly without any penalties or additional charges.
