As evident from letters to the editor in our local paper and from the phone calls & emails I have received a number of residents were very unprepared for the magnitude of their 2017 property tax increase. I suspect all of us were very aware of the significant increase in the selling price of properties in King, but few of us considered the impact of such on property taxes. As 2017 is the 1st of the 4 year roll out of the new assessment values we are seeing for the first time the impact of such on our property taxes. Communication on this important issue has been poor to date; I apologize for that as does Staff. A fact sheet about the tax increase has now been prepared. Here it is and you can also find it on the website.
The average assessment increase across the Township was <6%; but in Wards 1 and 5, in particular, there are people seeing assessment increases upwards to 15%. And accordingly, they are seeing increases in property tax up to 15%. As King property owners, the value of our investment has increased significantly as a direct result of the core attributes that make King a preferred community to reside.
King is particularly affected by significant increases in residential property prices as our tax base is 94% residential with only 6% being commercial/industrial. As 99% of Township is in the Greenbelt and a major portion of that is protected by the more restrictive Oak Ridges Moraine Conservation Plan there will not be a substantial increase in our industrial base. The Township is an important steward of aquifers and natural heritage systems. Although there have been studies identifying the substantial economic value of protecting these systems, including the land where our food is grown, we do not receive financial credit for this.
I am very aware that increases greater than inflation are particularly difficult for those living on a fixed income. The last question & answer on the above mentioned fact sheet identifies that there is a tax relief program for Seniors, Low-Income Seniors and Low-Income Disabled Persons. If interested, people should not hesitate to contact Finance & Treasurer Directory at (905) 833-4010 or email finance@king.ca.
The town has cheated. Normally when the assessments town wide go up the mill rate (amount per 100$ of assessment) ( you call tax rate) is adjusted so the overall revenue is the same for the town with the town getting additional taxes from brand new assessments to the tax base. Individual property’s would only pay more if their assessment increase was greater than the average or the town increases taxes. The town has backhanded a 6-15% tax increase on it citizens and pretended its MPACs fault. Based on the towns arguement I have a built in 6% property tax increase for next four years before king adds any new increases. In the end the town has reaped in huge increases in revenue while pretending it didn’t raise taxes. For shame!
Marc…I appreciate that you made this comment as it made me aware of how inadequate my original post was. I have made a new one.