What is a 'mill rate' in the context of Alberta property taxation?
Correct Answer
C) The tax rate per $1,000 of assessed value
A mill rate is the tax rate used to calculate property taxes, expressed as dollars per $1,000 of assessed value. For example, a mill rate of 10 means $10 of tax for every $1,000 of assessed value. Alberta municipalities set their mill rates annually based on budget requirements and the total assessment base.
Why This Is the Correct Answer
A mill rate is the tax rate expressed as dollars of tax per $1,000 of assessed property value. For example, a mill rate of 10 means $10 in tax for every $1,000 of assessed value. Alberta municipalities set mill rates annually based on their budget needs and the total assessment base. The mill rate is the multiplier that converts assessed value into a tax amount.
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