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County To Phase Out Property Tax Capping Over Four Years

Thursday, 12 May 2016 05:45

The County will be doing away with property tax capping over the next few years after getting the green light from the province.

OXFORD COUNTY - Oxford County will be phasing out property tax capping over the next couple of years.

Warden David Mayberry says Oxford has received permission from the province to phase this out.

"Just in January the province did say yes you can start moving and they gave us a four year window that we can get out in Oxford because we are so close. I think there's less than ten properties now are actually needing to be capped."

Right now if someone's property value increased immensely a cap would be put on the tax in order to make it a little easier on the property owner. The downfall with this is the municipalities are now spending money in order to set the tax cap at the right rate. Another problem is if one property has the cap implemented, the remaining funds would be dispersed among other properties.

Mayberry adds phasing out the tax cap will help keep things fair for everyone.

"Everybody should be treated the same and that's what we are really trying to do. I'm actually quite proud that our council has been pushing this for a number of years to say you know we're already doing it fair and we shouldn't be penalized in doing all of this work because other areas aren't."

Mayberry says for the most part people won't notice a difference on their taxes unless their property was under valued.

"Those who will notice the difference have actually been underpaying for the last number of years and they now have to play catch up. They won't pay more than they should have paid, so we have lost that money forever, but they'll now be paying their fair rate."

Property assessments are conducted on homes and businesses every four years in order to determine their taxes.

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