Political Science 2236E Lecture 3: Lecture 3
9 Mar 2017
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Document Summary
Property taxes: reassessments on property done every 4 years. If it wants to increase the money at its disposal then it has to reevaluate the property tax rates. Property assessed on basis of market value: sometimes when purchasing property you will end up paying more than market value and therefore more than what mpac values your property at. Highly visible, collected directly from citizens and rates are set and publicized in meetings. Easy to enforce; can confiscate or sell ur property for evasion. Clear connection between taxes paid and benefits received. People have to pay increased property taxes even if they aren"t able to enjoy the benefits of seeing their property value increase; ex: people who live in areas with vacation homes (expensive cottage regions) Stable revenue source; inelastic, doesn"t fluctuate dramatically with economy. Higher taxes are levied on non residential properties (provinces have tried to put a cap on this)
