Property Tax

What is Property Tax Property tax is a tax levied on the value of a property owned by an individual or a corporation. The tax is usually based on the market value of the property, and the amount payable is determined by the local government or municipal authority. Property tax is one of the major sources of revenue for local governments, and it is used to fund public services such as schools, police, fire departments,…

What Is Vacant Property Tax In Toronto Vacant Property Tax In Toronto at a glance. Vacant property tax in Toronto refers to a tax imposed by the City of Toronto on owners of properties that are deemed to be vacant. The tax rate for the vacant property tax is on the the assessed value and is levied annually. The purpose of the tax is to encourage property owners to put their vacant properties to productive…