Quote:
Originally Posted by PowerPlayoffs06
I understand that a raise will technically result in an income tax increase because it's inseperable but I thought property taxes were dictated by the value of your home. So the assessments we got a few months ago show that my home is worth more, and accordingly my property taxes just went up by $200. So if my home is worth half of the average home value ($447,500) they're using for the $106 figure, my increase should only be for $53?
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Kind of....
Your houses value really matters in its comparative value to other homes in the city to help determine a formula to slightly weight the cost to higher value homes. If ALL homes went up 10% then your taxes are the same + this years rise. If one area of the city was up more like 15% and another 5% then there would be a slight adjustment to the spread in taxes between the two areas.
The actual rise in your home value on its own does NOT result in higher taxes though.
If your house dropped 5% but most of the city dropped 20% your taxes would go up.
But it doesn't cut in half the cost of taxes on a cheaper home, as there are far more homes worth the middle value or lower than there are homes priced much higher.
The City of Calgary spells it all out on their website....
Claeren.