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 Tax bill cometh as levy bylaw approvedPosted May 14, 2008All factors necessary to calculate 2008 property tax bills have been entered into the equation and the answer is $16,365,882 for local purposes. That's what New Tecumseth ratepayers will be levied collectively to finance the shortfall between projected revenues of $30,618,284 and expenditures of $46,984,166 (operating $23,574,301 and capital $23,409,865). The bottom line also includes a $1.8 million bill for waste management. When New Tecumseth councillors approved the 2008 budget back in March, it was projected the average tax increase for local purposes would be $76.11 or 6.3 per cent on a residential unit with an assessed average value of $243,400. When combined with taxes for County and education, average 2008 property tax bill will come in around $2,750, an increase of about $114 over last year. According to the tax levying bylaw for 2008, New Tecumseth has a total assessment base for taxation purposes of $3.2 billion. The largest portion of is $2 billion generated by residential public school board supporters. The next closest is $382 million from residential separate school board supporters; commercial taxable is $196 million; farmland public school $147 million; large industrial $118 million. Assessment exempt from property taxes amounts to $103 million. The first final instalment for residential, farmland and managed forest taxes is due June 30, 2008. The second is due Sept., 29. For commercial, industrial, multi-residential and pipeline, the first due date is Aug. 31, and second, Oct. 31. |
 
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