Oxford County's multi-residential tax rate is in the process of dropping down from 2.74 percent to 2 percent.
OXFORD COUNTY - The multi-residential tax rate in Oxford County is on a downhill slide.
The multi-residential tax rate threshold in Ontario is now 2 percent, so Oxford now has to follow suit.
Warden David Mayberry says the county will be dropping the rate gradually over the next four years.
"We've reduced the tax from 2.7 to I think its 2.55, then it will go down to 2.4, then it will go down to 2.2-something and then eventually over the four years it will be down to 2 percent."
Mayberry explains why the multi-residential tax rate is higher than the residential rate.
"If you had a $1,000 assessment in residential you would pay an X rate, if you had $1,000 in multi residential you would pay twice the rate. It's based on the fact that more units require more county services."
By lowering the tax rate, Mayberry hopes it will encourage more multi-residential construction in Oxford in the future. Mayberry adds the need for multi-residential housing is increasing.