In British Columbia, property taxes are levied on assessed values that are primarily based on which principle?
Correct Answer
D) Market value, as estimated each year by BC Assessment
BC Assessment (the British Columbia Assessment Authority) prepares an annual assessment roll valuing most property at its actual value, which the Assessment Act defines as the market value of the fee simple interest in land and improvements, as of July 1 of the year the roll is completed. Municipalities and other taxing authorities then apply their tax rates to those values.
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- → In Ontario, what is the standard Land Transfer Tax rate for a residential property purchase of $400,000?
- → Which of the following best describes when land transfer tax is typically paid?
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