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Residential Homeowners Will Bear The Brunt of Tax Shift

Monday, 16 March 2020 08:27

The Tax Ratio Review Committee made recommendations to Oxford County council regarding this year's tax policy, including a rate increase in farmland.

OXFORD COUNTY - Recommendations and information were brought to Oxford County council regarding the 2020 tax policy.

One of the recommendations was to increase the farmland rate to 5.8%, or 21.7% of the residential rate.

Warden Larry Martin says this will impact homeowners in the County. 

"It is not a savings in taxes, it is a shift in taxes. So that the shift now has gone from the farmland to the residential and with the new cycle coming up, I'm quite sure the residential is going to get hit again. So they're going to get a double whammy within the next year."

Warden Martin adds it would raise the assessment on the homes. He says the amount will vary based on the municipality.

"If you have a predominant of farmland in the municipality, it's going to have a far greater impact on the residential than if you have major residential and very little farmland because there is less of a shift. The problem is that it's all done at the County but it impacts each area municipality differently, depending on the composition of that municipality."

The Tax Ratio Review Committee brought the policy to council at their meeting last Wednesday. 

According to council's report, the policy would establish tax ratios, tax rate reductions for prescribed property subclasses and tax rates for upper tier purposes.

You can read council's full report here.

The policy will be brought back with these new numbers factored in at their meeting on April 8th.

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