Toyota has been paying too much in land taxes over the past 10 years and now the City owes them over $5 million.
WOODSTOCK - The City of Woodstock owes Toyota Motor Manufacturing Company some serious cash.
TMMC recently appealed the MPAC value of the land they own in Woodstock. The MPAC land value, determines how much they pay in taxes.
The final valuation under appeal with a valuation date of January 1, 2016 (covering 2017-2020 and now 2021 taxation years) was returned at $222,433,000.
After almost a decade, the final valuations agreed upon by all of the parties are $145,000,000 as of January 1, 2012 and $ 169,000,000 as of January 1, 2016.
What this essentially means is Toyota had been paying the City too much money in land tax over the past decade. The total refund to Toyota is just under $13.6 million. The city portion of this is $5,321,000. The Township of Blandford-Blenheim owes $1,680,000 the County owes 2,764,000 and the school boards owe $3,795,000.
The City has most of the money set aside. City staff have asked council for an additional $1.5 million to pay TMMC, which would come from the Hydro Reserve Fund.
You can read more about this and get the breakdown online here.

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