Catherine Barr of the Municipal Property Assessment Corporation provides an update to Quinte West council on the 2016 reassessment on October 17, 2016. (Photo: Nicole Kleinsteuber / Quinte News)
Quinte West farm property owners’ wallets will be taking a serious hit now that 2016 reassessments show property values have more than doubled.
Monday night, Catherine Barr of Municipal Property Assessment told council how Class 1 farmland (the highest and most productive land) had more than doubled from $3,425 per acre in 2012 to $7,825 per acre in 2016.
Barr explained the reasoning behind the increase is demand for farmland outweighed supply; low interest rates; and buyers moving from southwestern Ontario into eastern and northern Ontario.
Quinte West Mayor Jim Harrison said even though property values have more than doubled, council still hasn’t set tax rates for 2017.
Mayor Harrison says they will have to look at making changes to compensate for the increased costs.
Treasure David Clazie explained how the tax rate for farm land is set at 25% of residential properties. He told council they could change the tax rate and the amount farm property owners will have to dole out.
Clazie went on to tell council how the reassessment will have an effect on the tax levy but said ‘council can shift the increase between classes based on the farm increase.’
“But if you lower the rate for farmers you have to raise it for somebody else,” Clazie admitted.
He said he is planning on bringing a report forward after the final assessment in December.
Barr said Quinte West farmers will have until February 8, 2017 to appeal the notices which started going out this week.
She also said she is willing to undertake public meetings to help farm owners go through the process like four others that have been held throughout the region recently.
For more information visit www.mpac.ca or www.aboutmyproperty.ca
