What to understand about property taxes

Property taxes is something that first-time homebuyers can sometimes forget to budget for, and something that homeowners often grumble about. However, property taxes are a major source of income for cities and help keep major services running like transportation, water treatment, etc. It’s a reality of owning, so here’s what you should know about it. Specific to the City of Calgary: Each year City Council approves the budget needed to support City services. To get the amount of revenues required from property taxes, The City takes the overall expenditure and subtracts all other sources of revenue such as business taxes, licence fees, user fees and provincial…