When the property tax is deducted from the Gross Annual Value it gives the Net Annual Value. d. Reduction of standard Deduction @30% of Net Annual Value: 30% of the Net annual Value is allowed to be deducted as a rebate from the NAV under Income Tax Act.

In Alberta property is taxed based on the ad valorem principle. Ad valorem means “according to value.” This means that the amount of tax paid is based on the value of the property. Each municipality is responsible for ensuring that each property owner pays his or her share of taxes.

Definition: Property tax is the annual amount paid by a land owner to the local government or the municipal corporation of his area. The property includes all tangible real estate property, his house, office building and the property he has rented to others.

Calendar Year 2016 Property Taxes

Nationwide, the effective property tax rate is 1.1% of the average home value.

For example, the typical New Jersey homeowner paid an astonishing $8,432 in property taxes last year, the highest in the country.

#1: Hawaii With the lowest effective property tax rate in the nation, Hawaii residents only pay 0.35% of their home value. However, Hawaii also has the highest median home values in the U.S. This property tax rate will continue until July 1, 2021.

• Inexpensive places to retire. Moving to a place with a lower cost of living can improve your retirement finances.
• Spokane, Washington. Spokane is located in eastern Washington state near the border with Idaho.
• Lincoln, Nebraska.
• Cleveland.
• McAllen, Texas.
• Rochester, New York.
• Greensboro, North Carolina.
• Lansing, Michigan.