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Public Report To:Finance CommitteeFrom:Stephanie Sennett, Commissioner, Finance ServicesReport Number:FIN2077Date of Report:December 2, 2020Date of Meeting:December 7, 2020Subject:2021 Interim Tax
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Real estate property taxes are taxes levied by local governments on property owners based on the value of their property. These taxes are assessed annually and are a primary source of revenue for municipal services such as schools, infrastructure, and public safety.
Property owners are required to file real estate property taxes. This includes individuals, businesses, and organizations that own real property within the jurisdiction where the taxes are assessed.
To fill out real estate property taxes, property owners must complete a property tax return form provided by their local tax authority, accurately report the assessed value of their property, and provide any necessary documentation that supports this value.
The purpose of real estate property taxes is to generate revenue for local governments to fund essential services, including education, public safety, infrastructure maintenance, and community services.
Property owners must report information including the property’s assessed value, any potential exemptions, property use, and improvements made to the property during the tax year.
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