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Tax Decrease...For Some

Monday, 2 December 2013 21:31

County Council deliberates over the 2014 budget on Monday night.

But new growth is good news for all Oxford County taxpayers

A healthy economy creating new growth could lead to lower property taxes in Oxford County next year.

Monday night, county councillors were told at the current 1.39% budget increase that's on the table, that could lead to less money collected from some taxpayers.

That good news came from Oxford County's head Treasurer, Director of Corporate Services, Lynn Buchner.

She says for the average single family detached home, assessed at $230,755, would actually see a $4.14 tax decrease from 2013, on the County portion of your property tax bill.

Buchner says that's because of new assessment coming onto the tax roll.  "The actual growth generated, it's an annualized bases, is about $493,000.  But of course, we wouldn't have actually collected that much revenue over the course of the year because those new additions and changes occur periodically.  Effectively, we would get that $493,000 in 2014 forward."

But as Buchner points out, there is no "average" home.  "If you experienced a growth in your assessment based on 2012 market values (MPAC assessment), then that growth is going to be phased in 25% over 4-years.  That is going to increase your tax to a certain degree."

Agricultural properties, for instance, were hit the hardest by MPAC's rising assessment values in 2012.  Under the current budget, they would see a 7.8% County tax increase.

Commercial properties are looking at a 1.23% decrease, and small industrial will see a 1.6% decrease.

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