As a Share of GDP, Canada Has A few of the Highest Property Taxes within the World

New information reveals that Canada had one of many highest property tax revenues on the planet within the 2021/2022 taxation 12 months, because the nation’s financial system bounced again from the results of the pandemic.

That is based on the 2022 World Property Tax Rankings from Altus Group. The corporate’s findings are primarily based on an in-depth evaluation of taxation revenues of 38 member international locations internationally, and are a mirrored image of every nation’s property taxes as a proportion of gross home product (GDP).

“Unsurprisingly, taxation revenues bounced again as economies throughout the developed world recovered from the preliminary affect of the coronavirus pandemic with insurance policies being geared in direction of selling restoration in consumption and funding,” the report explains forward of the information. “While most of the emergency tax measures launched to help each households and companies in the course of the pandemic have been both withdrawn or tapered off.”

“Taxes on property, for each people and companies, are broadly talking recurrent and non-recurrent taxes on the use, possession or switch of property and are primarily based upon taxation revenues within the previous calendar 12 months or the 2021/22 fiscal 12 months relying upon how Governments present their information.”

Though South Korea led the pack with the very best property tax rating of any nation examined, Canada and Luxembourg adopted carefully behind, each reporting 4% of GDP from property taxes.

Whereas property taxes in Canada have been progressively rising because the 2012/2013 taxation 12 months, the report stipulates that, “property taxes as a proportion of general taxation has largely remained constant at 11.9%.”

Comparatively, the US and UK are experiencing a gradual decline in property taxes as a proportion of general taxation, with property taxes in each international locations falling to the bottom degree in a decade — save for the 2017/2018 taxation 12 months within the US, when property tax income was skewered “attributable to a reclassification.”