Property value goes up

 

The Municipal Property Assessment Corporation (MPAC) released the numbers for local property assessments on December 6th.

This year, South Dundas is seeing a 1.19 per cent increase. The average home in South Dundas will see a 5.48 per cent increase.

According to South Dundas Treasurer Shannon Geraghty, “the 5.48 per cent provided by MPAC represents the increase in assessments from 2011 to 2012 due to the four-year phase-in by MPAC. Therefore, from 2011 to 2012 the average increase in assessment for property owners could be approximately 5.48 per cent.”

The four-year phase-in was introduced by MPAC in 2008 and began in 2009. According to MPAC: “To provide an additional level of property tax stability and predictability, the market increases in assessed value between 2005 and 2008 will be phased-in over four years.”

“The 1.19 per cent is based on a combination of the loss in assessments and the new growth within the township,” Geraghty explained.

“Assessment loss arises from property owners appealing their assessments and thus the decision by MPAC to reduce the assessment creates an assessment loss overall for the township.”

“The 1.19 per cent growth component results in approximately $15,000 to $30,000 in new tax revenue for the 2012 year.”

Geraghty predicted, “this number (1.19 per cent) should be favourable to the residents of South Dundas as it shows a small growth within the community which we hope we can continue to build on.”

“As far as 2012, the increase in tax revenue will be included in the 2012 bottom line during the 2012 budget.”

When asked if there was anything readers should know or understand, he offered: “The overall outlook at tax rates and how much an owner will pay in 2012 is difficult to predict until we have a better forecast on revenue and expense projections, which are completed in the 2012 budget.”

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