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On July 1, a 5% penalty is applied to the outstanding balance of the current taxes. On August 1, a 10% penalty is applied to the outstanding balance of the current taxes. In addition, on January 1, a 15% penalty is subject to the entire amount outstanding on the tax account.
Visit http://education.alberta.ca/admin/funding/tax.aspx for more information.
Provincial legislation specifies that the funds for schools are to be collected by municipalities. The public and separate school boards' determine the requisition revenues required to be paid by the Town, and the total levy is distributed among taxpayers through their property tax bills.
Property assessment is the process of estimating the market value of your property for taxation purposes. The property taxes that you pay are calculated in proportion to the value of the real estate you own. Assessments are used to distribute the tax burden in a fair and equitable manner. The Town of Hinton contracts Powers & Associates Appraisal Services from Beaumont, Alberta to prepare the property assessments.
Taxation is the process of applying a tax rate to a property’s assessed value to determine the taxes payable by the owner of the property.
Assessed Value x Tax Rate / 1000 = Property Taxes
Property taxes are a primary source of revenue for municipalities and are used to finance local programs and services. Each year, municipalities determine the amount of money they need to operate and from this amount, known revenues such as licenses, grants, permits, and user fees are subtracted. The remainder (revenue requirement) is the amount of money the municipality needs to raise through property taxes to provide services for the year. The primary goal is fair and equitable distribution of tax.
The property tax payable is calculated by multiplying your taxable property assessment by the tax rate. The tax rate is determined by dividing the total revenue by the total assessment base of the municipality.
Market value is the valuation standard set by provincial legislation and is the basis for property valuation across Alberta. Market value is the probable price your property could sell for in a competitive and open market, as of the given date. The market value on your 2018 Assessment and Tax Notice is based on a legislated valuation date of July 1, 2017 and reflects the physical condition of your property as of December 31, 2017.
Market value assessments are prepared using mass appraisal. For residential property, assessors compile, review, and analyze information from all legislative real estate sale transactions that have occurred in Hinton over a 12-month period. This process results in the estimated value of your property as of July 1, 2017.