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News

Assessment base tops $4.5 billion

Posted January 13, 2014

The total value of property assessment values in New Tecumseth is valued at $4.57 billion including those classes exempt from municipal taxation, that's a 5.23 per cent or $227 million increase.

When the exempt classification (churches, schools, cemetaries etc) is excluded, the 2014 assessment is $4.43 billion, which is split $3.84 billion residential (86.72 per cent) and $588 million, commercial/industrial (13.28 per cent).

That assessment base is being tapped for about $24 million in property taxes to finance New Tecumseth's 2014 operating and capital budget requirements of $32.3 million.

According to a report from the Town's finance department to council on tonight's agenda, the financial impact of the assessment growth equates to an esimated tax dollar value of $616,147, which was factored into the 2014 budget.

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