The income of a municipality. A form sent to property owners and tenants containing information about their property and its assessed value. An assessment which has not been recorded on the assessment roll. When an omitted assessment is added to the assessment roll, property taxes can be collected for the current year and, if applicable, for any part or all of the previous two years. In-Lieu of Taxes Payments made to municipalities by the provincial or federal government, where properties are exempt from property taxation.
Property See real property or land.
Property Class A grouping of the same type of property for assessment and taxation purposes. The combined tax on a property. An education tax also applies to most property classes. Real Property Land and buildings. The process of creating a new base for property taxation by updating assessments to reflect more current values.