GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Classified Property Tax


Synonyms:categorized property tax
Filed Under: financial-banking, real-estate, taxation
Tags: banking, realty, taxes
 

Definition of classified property tax

classified property tax
1. A municipal government's levy on real estate that varies depending on the use of the property. Commercial property is typically taxed more heavily than residential property where a classified property tax exists.

Related Terms and Acronyms:

  • infrastructure   Basic installations that a community needs, such as schools, roads, water and electrical lines, power plants and communications systems.
  • local improvement charge   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.
  • local taxes   Taxes imposed by local governments (municipalities) to pay for its services. These taxes are in addition to Federal and Provincial taxation.
  • mill rate   A unit of taxation that is a set ratio made by the city or municipality in reference to property taxes.
  • property tax   A levy by a city on real estate and personal property whose amount varies depending on the property's value.

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