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I do not get it!
Message
From
23/11/2006 10:56:11
 
General information
Forum:
News
Category:
Money
Miscellaneous
Thread ID:
01171430
Message ID:
01172076
Views:
11
>is the tax based on the area or on the individual house? what is the tax for, does it cover local amenities or is it just a way to get money?

Here (Ontario) we have municipal taxation as described below (based on market value annually) and it truly is grossly unfair.
This is relatively new here, adopted about 5 years ago. It is causing people who have lived in their house for 20 or 30 years to move. Some established in run-down areas that later became chic. They've had to go real fast with the new regime.

It wouldn't have been so bad if the taxes were based on the last selling price of the actual house, but that's not the way it was done.



>~M
>
>>The difficultly here is that a person who purchased a home years ago at a reasonable price is facing yearly property taxes based on the homes present value. Many people are being forced to sell their homes because not of making a bad choice for what they paid for the home, but from the ever increasing taxes. It really is a surprise when your tax bill goes from $3,200 per year to over $5,000 in one year and it is not that great of a house.
>>
>>It really becomes counter productive to spend much money to improve one's home since it will ultimately increase your yearly property taxes.
>>
>>>thankfully we don't have an annual tax on our houses here, but there is a tax on buying a house called stamp duty, it is a % of the cost, anything below 317k is exempt and then it is a sliding scale from 3%, i think, up for 9% for houses sold for more than about 800k. i England i think they have an annual tax, they used to at least in the poll tax.
>>>~M
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