Imagination Station (formerly the Center of Science and Industry ( COSI )) is a non-profit , hands-on science museum located on the Maumee River in downtown Toledo, Ohio . The facility has over 300 exhibits for "children of all ages".
41-440: The museum opened in 1997 as COSI. After tax levies failed in 2006 and 2007, COSI closed its doors to the public on the last day of 2007 due to lack of funding. In 2008, voters approved an operating levy to reopen the facility as The Toledo Science Center . This interim name was replaced by "Imagination Station", which opened on 10 October 2009. Prior to its use as a museum, the building was home to Portside Festival Marketplace ,
82-412: A festival marketplace-style shopping and restaurant complex that operated from 1984 until 1990. In the 1950s through the 1970s, Toledo retailers began an exodus from the downtown business district toward the suburbs, or closed entirely. Among them, the grocery and department store Tiedtke's , once called "America's first supermarket," closed on Sept. 2, 1973. On May 7, 1975, a massive fire destroyed
123-400: A municipality . Multiple jurisdictions may tax the same property . Often a property tax is levied on real estate . It may be imposed annually or at the time of a real estate transaction , such as in real estate transfer tax . This tax can be contrasted with a rent tax, which is based on rental income or imputed rent , and a land value tax , which is a levy on the value of land, excluding
164-410: A percentage . It may be expressed as a per mil (amount of tax per thousand currency units of property value), which is also known as a millage rate or mill (one-thousandth of a currency unit). To calculate the property tax, the authority multiplies the assessed value by the mill rate and then divides by 1,000. For example, a property with an assessed value of $ 50,000 located in a municipality with
205-407: A cross-border resource like water or other shared matters. In some cases, a federation is created from the union of political entities that are either independent or dependent territories of another sovereign entity (most commonly a colonial power ). In other cases, federated states have been created out of the administrative divisions of previously unitary states . Once a federal constitution
246-425: A defined geographic territory and is a form of regional government. A federated state may nonetheless establish offices internationally, for example, to promote trade or tourism, while still operating only within the trade policy or other applicable law of their federation, and their host country. They also may enter into international regional agreements under the laws of their federation and state, such as to protect
287-661: A degree of constitutionally guaranteed autonomy that varies substantially from one federation to another. Depending on the form the decentralization of powers takes, a federated state's legislative powers may or may not be overruled or vetoed by the federal government. Laws governing the relationship between federal and regional powers can be amended through the national or federal constitution, and, if they exist, state constitutions as well. In terms of internal politics, federated states can have republican or monarchical forms of government. Those of republican form (federated republics) are usually called states (like states of
328-500: A mill rate of 20 mills would have a property tax bill of $ 1,000 per year. Property classes, tax rates, assessment rules and valuations vary by jurisdiction. Comparatively, Armenia ranks low internationally in terms of property tax to GDP ratio. Currently, it is 0.2% compared to the 2% global average. Based on the new amendments in the tax code, from 2021 property taxes are calculated based on market value prices, separately for apartments and residential houses. The new amendment removed
369-485: A permanent resident. The property purchased must be located in British Columbia, have a fair market value of $ 750,000 , be smaller than 1.25 acres and be used as a principle residence. It can be used in conjunction with the B.C. Home Owner Mortgage and Equity Partnership . The land property tax, called "territorial tax" or "contribution", is an annual amount paid quarterly by the property's owner. It
410-418: A tax on vacant properties, which successfully reduced the vacancy rate. A special assessment tax is sometimes confused with property tax. These are two distinct forms of taxation: one ( ad valorem tax ) relies upon the fair market value of the property. The other (special assessment) relies upon a special enhancement called a "benefit" for its justification. The property tax rate is typically given as
451-466: Is a territorial and constitutional community forming part of a federation . A federated state does not have international sovereignty since powers are divided between the other federated states and the federal government . Unlike international sovereign states , which have what is often referred to as Westphalian sovereignty (such as exercised by their federal government), federated states operate under their domestic or federal law with relation to
SECTION 10
#1732794172926492-577: Is a program by the BC government that offers qualifying first-time homebuyers a reduction or elimination of the property transfer tax. It can be used in conjunction with the B.C. Home Owner Mortgage and Equity Partnership . The First Time Home Buyers Tax Credit is also available in Ontario, which offers First Time Home Buyers a 750 dollar tax Rebate. In 2017 the Ontario Government also released
533-435: Is assessed when property is purchased or transferred. It is typically around 5% of the purchase price, payable by the purchaser. Other transfer charges may also apply, including special fees for investors from overseas. "Land tax" – also a state tax – is assessed every year on a property's value. Most Australians do not pay land tax, as most states provide a land tax exemption for the primary home or residence. Depending on
574-623: Is determined as a percentage of the property's "fiscal value", which is calculated by the Internal Revenue Service, based on the property's land and built area, construction materials, age, and use. The fiscal value, which is usually much lower than the market value, may be disputed by the owner. The annual levy varies between 1 and 2% of this value, depending on the property's use (residential, agricultural or commercial). Residential properties valued below US$ 40K (as of 2013) are not taxed; those above that threshold are taxed only on
615-551: Is equal to 80%). To this base is then applied the revaluation coefficient. (It stood at 1.012 for 2020). The payment of the property tax is usually made before mid-October. The tax notice is drawn up in the name of the owner who is the only person liable for the property tax. The precise deadline for paying it varies depending on the method of payment chosen. Exemption from property tax Federated state A federated state (also state , province , region, canton , land , governorate , oblast , emirate , or country )
656-407: Is formed, the rules governing the relationship between federal and regional powers become part of the country's constitutional law and not international law . In countries with federal constitutions, there is a division of power between the central government and the component states. These entities – states, provinces, counties, cantons, Länder, etc. – are partially self-governing and are afforded
697-409: Is not used for residential purposes. It applies to the following goods: Responsible for property tax The owner, not tenant, of the property must pay the tax. The owner liable for property tax can be an individual, company or legal entity (commercial company or real estate company). The tax is due each year from taxpayers who own property on 1 January of the tax year. If the property is sold during
738-497: Is responsible for payment. In summary, if you let out a property on an annual basis, the tenant is responsible for paying the Taxe d'Habitation, regardless of whether the property is furnished or unfurnished. This tax is based on various factors specific to the property, such as its location, and is determined by the local municipality, which means the amount of the tax can vary considerably. Property tax on built properties This
779-469: Is set to be complete in June 2020. Property tax A property tax (whose rate is expressed as a percentage or per mille , also called millage ) is an ad valorem tax on the value of a property. The tax is levied by the governing authority of the jurisdiction in which the property is located. This can be a national government, a federated state , a county or other geographical region , or
820-489: Is the combination of land and improvements. Forms of property tax vary across jurisdictions. Real property is often taxed based on its class. Classification is the grouping of properties based on similar use. Properties in different classes are taxed at different rates. Examples of property classes are residential, commercial, industrial and vacant real property. In Israel , for example, property tax rates are double for vacant apartments versus occupied apartments. France has
861-663: Is the most common tax in France. It is detailed in Article 1380 of the General Tax Code . Since it is a local tax, the property tax of built properties has a census role. The tax authorities count the new owners every year. Two conditions must be met to be subject to this tax: The property must be irremovable and must fall into the category of real buildings. This tax therefore applies to the following goods: Property tax on non-built properties This tax concerns land that
SECTION 20
#1732794172926902-417: Is used to finance the budget of local authorities. The property tax comprises three different taxes: the tax on built properties, the tax on unbuilt properties, and a tax on household waste removal. Taxe d'Habitation is a local tax that must be paid by either the owner of a French property or the long-term tenant who is occupying it on January 1 of the tax year. The responsibility for payment depends on whether
943-413: Is usually a percentage of the taxable assessed value of the property. The taxable assessed value is commonly determined by the assessment service provider of the municipality. The annual property tax rate for any province contains at least two elements: the municipal rate and the education rate. The combination of municipal and education tax portions along with any base taxes or other special taxes determines
984-792: The Federal Constitution . These are the current property taxes: Many provinces levy property tax on real estate based upon land use and value. This is the major source of revenue for most municipal governments . While property tax levels vary across municipalities, a common property assessment or valuation criterion is laid out in provincial legislation. The trend is to use a market value standard for valuation purposes with varying revaluation cycles. Multiple provinces established an annual reassessment cycle where market activity warrants, while others have longer periods between valuation periods. There are two types of property tax: annual property tax and land transfer tax. The annual property tax
1025-477: The Land Transfer Tax Rebate, which allowed for up to 4,000 dollar rebate – ensuring that first time home buyers of homes valued under 368,000 dollars would not pay land transfer tax. The Newly Built Home Exemption is a program that reduces or eliminates the property transfer tax on new homes. The amount is limited to $ 13,000 for qualifying individuals who must be either a Canadian citizen or
1066-560: The Maumee riverfront. Despite projections that Portside would serve as a catalyst for Downtown Toledo's rebirth, the project failed to generate forecasted visitors and revenues. Portside's collapse contributed to the downfall of a Toledo-based regional bank, Toledo Trust , which financed the project, and left several small business owners in ruin. The Buffalo News said Portside "may be the best example of what not to do with waterfront shopping centers." A mayoral committee appointed to find
1107-403: The amount exceeding US$ 40K . Revenues go to the municipality administering the property's commune . All municipalities contribute a share of the revenue to a "common municipal fund" that is then redistributed back to municipalities according to a their needs (commune's poverty rate, etc.). Additionally, municipalities charge a quarterly trash collection tax, which is often paid together with
1148-569: The best use for the site heard repeated community requests for an educational family attraction. The city asked COSI Columbus about its experience and resources, and subsequently the city and the Columbus organization created COSI Toledo, an independent, not-for-profit organization with a board of trustees from northwest Ohio . A fundraising campaign raised $ 9.5 million, surpassing the goal by $ 4.5 million. The state government gave another $ 10 million. The former Portside Festival Marketplace facility
1189-607: The full amount of the tax. Land transfer tax is a provincial tax levied when purchasing a home or land in Canada. All provinces have a land transfer tax, except Alberta and Saskatchewan . In most provinces, the tax is calculated as a percentage of the purchase price. In Toronto there is an additional municipal tax. Ontario , British Columbia , Prince Edward Island , Montreal , and the City of Toronto offer land transfer tax rebates for first-time homebuyers. In British Columbia
1230-461: The previously existing non-taxable property threshold, putting a minimum of 0.05% property tax. Real Estate Tax Rate on Residential Houses and Country Houses: Real Estate Tax Rate on Apartment building, Apartments and Non-Residential Areas: Australian property is taxed at both the state and council (local municipal) level. Taxes are payable by property owners – there is no property tax charged to renters. A state tax commonly called "stamp duty"
1271-403: The property is rented furnished or unfurnished, and whether the rental is long-term or short-term. If the property is rented unfurnished or furnished on a long-term basis, the tenant is responsible for paying the tax. However, if the property is rented out on a short-term basis, the owner is responsible for paying the tax. For leaseback properties, the management company that sub-lets the property
Imagination Station - Misplaced Pages Continue
1312-662: The property transfer tax is equal to one percent tax on the first $ 200,000 of the purchase price, two percent on the remaining amount up to $ 2million and three percent on the rest. An additional 15% tax that applies only to non-resident foreign home buyers in Greater Vancouver started on 2 August 2016. Later in 2018 this was raised to 20%. The definition of foreign buyer includes international students and temporary foreign workers . Anti-avoidance measures include fines of $ 100,000 for individuals and $ 200,000 for corporations . The First Time Home Buyers Program
1353-413: The rest of the world. Importantly, federated states do not have automatic standing as entities of international law. Instead, the federal union (federation) as a single entity is the sovereign state for purposes of international law. Depending on the constitutional structure of a particular federation, a federated state can hold various degrees of legislative, judicial, and administrative jurisdiction over
1394-471: The science center, enabling it to reopen in fall 2009. In 2019, the Imagination Station launched a $ 10 million upgrade, including an 8,200-square-foot theater with a 4K, 3D-capable screen and seats for people. KeyBank paid $ 2 million to name it KeyBank Discovery Theater . The new attraction requires the demolition of a pedestrian bridge. The center remains open during the construction, which
1435-492: The state, surcharge tax rates can apply to foreign owners. "Council rates" is a municipal tax levied by local government. This is assessed each year on a property's value. Council rates are around $ 1300 per annum for an average Australian household. Brazil is a Federation Republic, and its federated entities (internal States and Municipalities), as well as the Federal government, levy property taxes. They are all declared in
1476-407: The store's former location at 408 Summit St., the riverfront land on which Portside would later be built. By 1984, each of Toledo's four main local department store retailers had left downtown or closed. In the late 1970s, in an effort to promote urban renewal , Toledo mayor Douglas DeGood worked with leaders from Owens-Illinois and Toledo Trust to develop new headquarters for both companies on
1517-460: The territorial tax (if applicable). The law imposes a tax on each property. Public buildings are excluded (such as government buildings), as are religious buildings ( mosques and churches). Families owning private properties worth up to £E 2 million ($ 41,700) are exempt. Commercial stores with an annual rent value over £E1,200 are not exempt. In France, the property tax is a local tax payable by all owners of real estate located in France. This tax
1558-463: The value of buildings and other improvements. Under a property tax system, the government requires or performs an appraisal of the monetary value of each property, and tax is assessed in proportion to that value. The four broad types of property taxes are land, improvements to land (immovable man-made objects, such as buildings), personal property (movable man-made objects) and intangible property . Real property (also called real estate or realty)
1599-418: The year, the seller can ask for the tax to be shared with the buyer. Specific situations: Calculation of property tax and payment The calculation of the property tax is based on three components: The amount of property tax is equal to the tax base x the tax rate voted by the municipality. The tax base is equal to 50% of the cadastral rental value of the property (For non-built properties, this tax base
1640-641: Was presented by Laura Bush at a White House ceremony in January 2006. On July 28, 2006, COSI Toledo and COSI Columbus legally split so each could focus on their own financial troubles. Later that year, Berrien Springs Public Schools awarded a 2006 Teachers' Choice Awards to COSI for its distance learning program. After voters voted down a second levy in November 2007, COSI Toledo closed due to lack of funding on December 31, 2007. On November 4, 2008, Lucas County, Ohio , voters approved an operating levy for
1681-464: Was transferred to COSI at a value of $ 16 million. On March 1, 1997, COSI opened its doors to the public. The facility attracted an average of 250,000 visitors per year over its first decade. In 2005, COSI won a National Award for Museum and Library Service from the Institute of Museum and Library Services , the nation’s highest honor for extraordinary public service by a museum or library. The award