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:
The formula for calculating the tax levy is:
Tax Levy = Property Assessment x Mill Rate ÷ 1000
|Residential-Hamlets (Tulliby Lake)||3.8197||3.8197||2.3425||2.4930|
|Div 5 Residential-Multi Lot||2.350||2.350||2.3425||2.4930|
|Marwayne Recreation Area||0.2118||0.1921||N/A||N/A|
|Paradise Valley Fire||0.1236||0.1262||N/A||N/A|
|Paradise Valley Special Rec||0.2053||0.1792||N/A||N/A|