The tax rates are finally all set for the communities of the Georgian Triangle. (Why does it take until August for these things to get finalized?) Here is a chart of the residential mill rates for 2012.
To calculate the taxes on a property, you take the value set by MPAC for the property multiplied by the mill rate in the above chart. For example, a home assessed at $350,000 in the Town of Blue Mountains would be 350,000 x .00978353 = $3,424.23. You can see that currently, the tax rate is lowest in Wasaga Beach and highest in Meaford.
Chris pulled together a comparison of tax rates for the past 5 years to see the trends. At first glance, it looks like taxes are trending down in most areas except for Meaford however, there are two parts to the puzzle that need to be considered. The mill rate is one but the second is the assessed value of the municipality. If there are more homes and more growth, the over-all assessed value of ALL the properties in that town goes up. When you divide the Town budget into that, the mill rate naturally comes down. So really, we are looking at the growth impacts on each community as well as the assessed values.
It’s always a pleasure to meet new people and to assist them in meeting their real estate goals. If you would like to schedule a buyer or seller consultation with me, please feel free to contact me anytime at 705-446-1762 or send me an email.