Understanding Your Taxes
Property Taxation is the process of calculating a tax by multiplying the assessment by a tax rate. Tax rates are calculated based on the amount of property tax revenue that is required to pay for the services that are provided.
The tax rates are called Mill Rates. This means the tax per dollar of assessed value of property. The rate is expressed in "mills", where one "mill" is one-tenth of a cent ($0.001).
There are two separate tax rates in The County of Vermilion River:
- Municipal - this tax rate generates the amount of annual tax revenue required to support municipal operations.
- Education Requisition - this tax rate generates the amount of annual tax revenue required to support the annual requisition from the Provincial Government
The formula for calculating the tax levy is:
Tax Levy = Property Assessment x Mill Rate รท 1000