New MPAC assessments would add estimated $53 to average tax
The overall assessment increase in New Tecumseth is 8.55 per cent since
the last update in 2008 according to the incoming adjustments from the
Municipal Property Assessment Corporation (MPAC) which will be used to
calculate taxes starting in 2013.
The increases for the various assessment classes include the
residential component which is up 6.84 per cent; commercial
by 8.66 per cent; Industrial by 17.53 per cent; Multi Residential by
8.59 per cent; and farm
properties by 22.69 per cent.
For residential, that represents a 1.71 per cent increase off the top
each of the next four years, and if that were applied on the 2012
average assessed home value in New Tecumseth of $298,205, the estimated
impact alone on municipal taxes would increase by $25.77, and by $52.86
including the County and education. That doesn't include what the Town
or County's 2013 taxation levy impact.
MPAC notes that "An increase in assessment does not necessarily mean an
increase in property taxes. If the assessed value of a home has
increased by the same percentage as the average in the municipality,
there might be no increase in the property taxes paid by property
Across the County, residential property values have increased by
approximately 8.7, according to MPAC, an average increase of 1.6 per
cent over the four year period.
Since 2008, the County's waterfront properties have increased in value
by approximately 11.3 per cent; and Farmland in Simcoe County has
increased by approximately 23.6 per cent.
MPAC representatives are scheduled to make a presentation to New
Tecumseth councillors at the October 22nd Council meeting.