Taxation

Municipal Property (Real Estate) Taxes in Ontario are levied using a system known as Current Value Assessment in which a property is assigned an assessed value by the Municipal Property Assessment Corporation (MPAC). The assessed value of a property is then multiplied by the appropriate Tax Rate to determine annual property taxes paid by a particular property.

Current Value Assessment represents the current market value of a particular property (land and building only) which is assigned based on building information and market conditions. MPAC is a pseudo-government agency which operates independently of the municipal governments who collect property taxes.

The Tax Rate is determined by the annual financial requirements of the City, County and Board(s) of Education. The money, which is collected in the form of annual taxes by the municipality, is apportioned among these respective bodies. The Tax Rate is made up of a City Rate, County Rate and the Education Rate supplied by the province, as shown in the table below.

The municipality derives its tax revenue across all tax classifications and uses the revenue to fund both operating and capital expenditures.

Click here for Federal and Provincial Taxation Information

 

 
2012 Tax Rates
  Resi-
dential
Multi
Res.
Com-
Mercial
Indus-
trial
City
Rate
 .00891471  .02442631  .01695400  .02344569
County
Rate
 .00418622  .01147024  .00796135 .01100976
Education
Rate
 .00221000  .00221000  .01490000 .01590000
Total Tax
Rate
.01531093 .0810655 .03981535 .05035545

Source: City of Woodstock