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 The taxing authority requires and/or performs an appraisal of the monetary value of the property, and tax is assessed in proportion to that value.. Property tax – simple mechanicsUnlik

THUẾ TÀI SẢN

Thuế tài sản là gì?

 Property tax, millage tax is an ad valorem tax that an owner of real

estate or other property pays on the value of the property being taxed There are three species or types of property: Land, Improvements to Land (immovable man-made things), and Personalty (movable man- made things) Real estate, real property or realty are all terms for the combination of land and improvements

 The taxing authority requires and/or performs an appraisal of the monetary value of the property, and tax is assessed in proportion to that value Forms of property tax used vary between countries and

jurisdictions.

 The property tax rate is often given as a % It may also be

expressed as a ‰ (dollars of tax per $1000 of value), which is also

known as a millage rate or mill levy (A mill is also $1000.)

Ví dụ

 A property with an assessed value of $50,000 located in a municipality with a mill rate of 20 mills (20‰) would have a property tax bill of

$1,000 per year

Propert

The monetary value of the property

× Property tax rate

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Phụ lục

CƠ BẢN VỀ THUẾ TÀI SẢN TẠI MỸ

In a given jurisdiction Two moving parts

A The Levy

Local budget (spending) less () : Non-property tax revenue (incl state aids)

equals (=): Total property tax levy (collections)

B The Distribution of the Levy across properties

Estimated market value times (×): Applicable Class Rate(s)

equals (=): Taxable value

Two Basic Moving Parts

Simple Example of Property

Tax Mechanics four

City

Your home

Levy Taxable Value Tax Rate

(aka, Tax Capacity*) (levy/taxable value)

(millions)

School $ 16.0 $ 27.0 16/27 = 59.3% County 20.0 50.0 20/50 = 40.0 City 2.3 19.0 2.3/19 = 12.1 Mosq 0.6 12.3 0.6/12.3 = 4.9

Total Tax Rate (on your home) 116.3%

(*Tax Capacity = Est Market Value x Class Rate)

Mechanics, cont’d

Tax on Your Home:

Your Est Market Value $240,000

× Residential Class Rate 0.01

= Your Tax Capacity $ 2,400

× Your local tax rate 116.3%

= Your property tax (before credits) $ 2,791

(*Tax Capacity = Est Market Value x Class Rate)

Mechanics, cont’d

Minnesota Statute 272.03 defines “market value” as “the usual selling price

at the place where the property is at the time of assessment.” It is “the price that could be obtained at a private sale or an auction sale, if the assessor

determines that the price from an auction sale represents an arms-length

transaction The price obtained at a forced sale shall not be considered.”

Market value = The price that would prevail under competitive open-market conditions

Property tax – simple mechanics

Unlike income and sales taxes,

 Property tax collections are set in advance, and

 the tax rate is determined by dividing collections by total taxable value of property in the taxing

jurisdiction

Therefore: exemptions for some properties

means other properties pay more.

This is a unique aspect of the American property taxes

The levy determines the overall community tax burden

Point A depicts the average property tax burden (effective tax rate)

Lack of classification creates a uniform effective tax rate (level A)

Classification raises the effective rate for some properties, reduces it for others

OVERVIEW OF PROPERTY

ASSESSMENT AND TAXATION IN THE

NORTHWEST TERRITORIES

The Assessment and Taxation Process

 Property assessment and taxation is a

two-step process:

1 Assessment of property is the first step, where the

value and classification of properties is determined, and any exemptions from assessment are determined

2 Application of tax rates is the second step Taxing

Authorities apply tax rates (mill rates) to the assessed value of properties to determine the amount of taxes that are owed to the taxation authority

Step 1:

Property Assessment in the Northwest Territories

 The Minister of Municipal and Community Affairs (MACA) is the property assessment authority.

 MACA performs property assessments in all NWT communities.

What is property assessment?

 Property assessment is the process used to assign a

value to all assessable properties

 Property assessment is made up of two components: Land value and Improvements value

 Improvements may include buildings, machinery and equipment.

 Personal property such as jewelry, cars, televisions and other personal possessions are not assessed

How is property assessed?

 Property assessors conduct property assessment according to the

Property Assessment and Taxation Act (PATA) and Regulations.

 Property assessors determine the value of each property by

inspecting the land and the improvements located on the land.

 Characterizing these components, such as municipal zoning, type of construction and age.

 They also use of a series of property assessment cost manuals to ensure the assessments are fair and equitable across the NWT.

The Assessment Formula

Improvement Assessment

+ Land Assessment

_

= Total Assessment

Why do assessments increase or

decrease in value?

 Changes in the assessed value reflect changes in

property value Some of the reasons that value can

 a change in zoning may have increased or decreased the

value of the land

Annual and General Assessments

 There are two types of property assessments: Annual Assessments and General Assessments

 Annual Assessments are assessments to capture annual improvement changes to properties, such as additions, renovations or deletions, or the addition of new

properties

 General Assessments must be completed at least once every ten years These assessments set the base year for assessment calculations This allows equity between

improvements of varying ages

What is an Assessment Roll and how is

it created?

 An Assessment Roll is a listing of all assessable

properties in a taxation area, usually by community

The Roll contains summary assessment information for each property

 Several versions of the Roll are created each year as

new information comes forward, corrections are made and decisions are made concerning property owner

What is an Assessment Notice?

 The Assessment Notice gives the pertinent property

assessment information, such as legal description, owner’s name, assessed value, property classification and tax code.

 A property owner should review all the information on the Assessment Notice to ensure correctness and to compare to other similar properties on the Assessment Roll.

 The Assessment Notice also gives instructions on how and when an appeal can be filed.

 Each year MACA prepares Assessment Notices and

delivers them to individual property owners for every

assessed property.

What if the property owners have a complaint about the information or assessed value of their property?

 Property owners can appeal to the Territorial

Board of Revision or their respective Municipal Taxing Authority Board of Revision.

 If not satisfied with the Board of Revision’s

decision, property owners may further appeal to the NWT Assessment Appeal Tribunal.

 The final level of appeal is to the Supreme

Court of the Northwest Territories.

When should a complaint be filed?

 Property Owners must file an appeal within 45 days of the mailing date on the Assessment Notice

 Factors which warrant the filing of an appeal include:

errors of fact including structure description, quality, property classification, size, depreciation and land zoning;

perceived errors in assessment calculations;

differences between your assessment and similar

properties in your neighbourhood

Step 2:

Property Taxation in the Northwest Territories

 The Minister of Finance is the property taxation authority.

 The Department of Finance collects property

taxation in all NWT communities with the

exception of the communities of Yellowknife, Fort Smith, Hay River, Fort Simpson, Norman Wells and Inuvik These communities have

been delegated property taxation authority

within their own boundaries, and collect their own taxes.

Current Status of Taxing Authorities in the Northwest Territories

 Municipal Taxation Authorities (MTA):

Means the geographic area of a Municipal Taxing Authority being a city,

town, village, that is declared to be a Municipal Taxing Authority Currently there are six Municipal Taxing Authorities They are the City of Yellowknife, Town of Hay River, Town of Fort Smith, Village of Fort Simpson, Town of Norman Wells and Town of Inuvik.

 General Taxation Area (GTA):

Means the areas that are not Municipal Taxation Authorities such as Hamlets, Charter Communities, Settlements and Band Communities This area also includes properties located in the Hinterland area Examples of taxed

properties located in the Hinterland are the diamond mines and the oil & gas wells in the NWT.

Property Taxation Areas in the

Northwest Territories

 Municipal Taxation Areas

In the Municipal Taxation Areas, the municipalities set the

property mill rates, and the GNWT sets the school mill rates The municipality collects the taxes for both the property and school levies The municipalities use the property tax revenues

to provide services for the municipality The school tax is

forwarded on to the GNWT for use to fund GNWT programs.

 General Taxation Area

In the General Taxation Area the property and school mill rates are set by the Department of Finance The revenue from the

collection of taxes is placed into the GNWT General Revenue Fund and is used to fund GNWT programs

How are property taxes calculated?

 It is the product of two factors: the individual property assessments from the assessment roll, and the

municipal and school mill rates

 One “mill” represents $1.00 of tax for every $1,000 of assessment value Here’s how the mill rate formula is applied to calculate the municipal portion of the

property taxes (school taxes represent the remainder of the property tax bill ):

(Assessment/1,000) x Mill Rate = Property Taxes

Why do property taxes go up?

 Property taxes can increase for several reasons, such as:

The taxing authority needs to raise more revenue to provide services, so the property mill rates are

increased In the case of a MTA community, they pass a by-law to increase mill rates In the case of the GTA, the Minister of Finance increases property mill rates

The assessed value of a property increases due to

changes made to a property which increases its

value (e.g addition, new garage or workshops)

Can property owners appeal property tax?

 Property Tax cannot be appealed, except under exceptional circumstances.

Delegation of Taxing Authority

 Non tax-based communities have the option of

becoming tax-based if they so desire, and have

demonstrated the ability to assume the additional duties and responsibilities

 Section 108 (1) of PATA states: “On the Minister’s

own initiative or at the request of the council of a

hamlet or charter community, the Minister, on

recommendation of the Executive Council, may by

order, declare that the hamlet or charter community is a municipal taxing authority.”

Tax-based Duties and Responsibilities of a Municipal Taxing Authority

 Establishing property classifications

 Establishing a Municipal Board of Revision for

property assessment appeals

 Setting mill rates by By-law for each property

classification

 Maintaining a property owner database for use in

property taxation

 Issuing tax notices to each property owner

 Collecting property taxes, and collecting and remitting the education tax to the GNWT

The New Deal for NWT Community

Governments

 One component of the New Deal is to ensure

community governments get the benefit of the property taxes raised in their community

 As a first step MACA created the Property Tax

Revenue Grant Program Through the Program,

community governments receive a grant each year that

is equivalent to the property taxes collected within the community during the previous year

 MACA is working towards implementing the property taxation component of the New Deal in the next few years

Northwest Territories 2005

Property Count

6,741

6,227 225

5,387

MTA's GTA Hinterland City of YK

Northwest Territories 2005 Assessment Totals

Northwest Territories 2005 Property Tax Revenue