Real Property Tax Rates - 2009
In respect of owner-occupied property: The first $250,000 is tax exempt.
- On that portion in excess of $250,000 and less than $500,000 the rate of tax is 0.75% of the market value of the property;
- On the portion in excess of $500,000and less than $5,000,000 the tax rate is 1% of the market value of the property.
- On the portionin excess of $5,000,000 the tax rate is 0.75% of the market value of the property.
In respect of unimproved property other than unimproved property exempt by virtue of Section 39 of the Real Property Tax Act:
- Upon that part of the market value that does not exceed $3,000 a fee of $30.00
- Upon that part of the market value which exceeds $3,000 but does not exceed $100,000 a tax rate of 1% per annum of the market value of the property.
In respect of any other property:
- Upon that part of the market value that does not exceed $500,000 a tax at the rate of 1% per annum of the market value;
- Upon that part of the market value in excess of $500,000 a tax at the rate of 2% of the market value of the property.
Market Value is defined as the amount the property would realize, if sold in the open market, without any encumbrances or restrictions. If the return is not filed, the owner is guilty of an offense, and upon conviction thereof, may be fined up to $3,000. Persons knowingly making false statements may be liable upon conviction to a fine of up to $3,000 or six months imprisonment, or both fine and imprisonment. If the tax is not paid on or before the last day the tax becomes due, a 10% surcharge is added.
In the case of an extension of time, the Chief Valuation Officer may postpone the date on which the tax is payable in a particular case, by notice in writing.