PROPERTY TAX RATES & CALCULATIONS
The rates and calculations for property tax is dependend on the size and nature or classification of the properties.
PROPERTY TAX RATES
The following rates apply to property tax prior to income year 2011.
|
Classification |
Rates |
| Commercial Property | 0.25% of the Open market value |
| Residential Property | 5% of the annual rental value |
| Combination Property | Apply residential rate to residential portion and commercial rate to the business portion. |
The following rates apply to property tax after income year 2010.
|
Classification |
Rates |
| Commercial Property | 0.4% of the open market value |
| Residential Property | 0.25% of the open market value |
| Combination Property | Apply residential rate to residential portion and commercial rate to the business portion. |
The rates of tax on land to be raised are as follows:
|
Classification |
Rates |
| 10 acres or less | Nil |
| Over 10 acres but less than 50 acres | $0.25 per acre or part of an acre |
| 50 acres and over but less than 100 acres | $0.50 per acre or part of an acre |
| 100 acres and over but less than 500 acres | 100 acres and over but less than 500 acres |
| 500 acres and over | $1 per acre or part of an acre |
CALCULATING YOUR PROPERTY TAXES
If you know the Estimated Market Value of your property and the tax rate, you can estimate the amount of tax by using these formulas:
- Estimated Annual Rental Value x Property Tax Rate
- Estimated Market Value x Property Tax Rate
TAX RATES BEFORE INCOME YEAR 2010
Residential Property
Example 1
If the Annual Rental Value of your property is $24,000 then the property taxes is calculated as follows:
Estimated Annual Rental Value x Property Tax Rate = Tax Due
$24,000 x 0.05 = $1,200.00
Commercial Property
Example 2
If the Market Value of your property is $1,500,00 then the property taxes is calculated as follows:
Estimated Market Value x Property Tax Rate = Tax Due
$1,500,000 x 0.0025 = $3,750.00
TAX RATES AFTER INCOME YEAR 2010
Residential Property
Example 1
If you estimate the market value of your residential property at $300,000 then the property taxes is calculated as follows:
Estimated Market Value x Property Tax Rate = Tax Due
$300,000 x 0.0025 = $750.00
Commercial Property
Example 2
If the Market Value of your property is $1,500,00 then the property taxes is calculated as follows:
Estimated Market Value x Property Tax Rate = Tax Due
$1,500,000 x 0.004 = $6,000.00
