Chapter 19 – Taxes On Real Property

Question 1

What is a mill rate?

Answer 1

A rate of tax per $1000. dollars of net taxable value

Question 2

What is property tax used for?

Answer 2

Schools
General government expenses
Hospitals
Highways
Etc.

Question 3

Tax rate reliefs exemptions

Answer 3

Homeowner deferral (if someone dies they can pay late, senior citizen or widower if you have kids)

Special use (Farm, Forsett area, golf course, special residential)

Reliefs exemptions - churches, colleges, universities, hospital, crownland, native land

Question 4

Steps taken to appeal property tax property.

** on test **

Answer 4

PBC

Property assessment review panel

Property assessment appeal board

Supreme Court of BC

Appeal court of BC

Supreme Court of Canada

Question 5

When can you appeal your property tax amount?

Answer 5

If you think it is too much

Question 6

Take assessment amount times rate divided by 1000 equals no what goes where

Answer 6

Formula for tax?

Question 7

What is the general rate?

Answer 7

The amount to be raised
Means to divide by
Total property values times 1000

Question on exam study guide – 965 on page 155
To get an answer use formula above

Question 8

What does MILL mean?

Answer 8

Per thousand