The final day of October brings with it Halloween, as well as the final property tax installment for the 2016 year. This year marks the end of the last Municipal Property Assessment Corporation (MPAC) assessment cycle, which used a valuation date of January 1, 2012 for your property, and formed the basis of the calculation to determine your property taxes for the years 2013 to 2016. Your property has since been valuated as of January 1, 2016, by MPAC, and those property assessment notices were mailed to residential property owners in Cavan Monaghan in mid-July 2016. Farm and business property owners in Cavan Monaghan would have received their MPAC notices beginning in mid-October 2016. Your new Current Value Assessment (CVA) will serve as the basis for calculating your property taxes for the years 2017 to 2020. An increase in assessed value will be introduced gradually over the next four-year period, and a decrease will be introduced immediately.
Residential property owners have 120 days from the Issue Date of your Property Assessment Notice to file a Request for Reconsideration. The issue date is included in your notice, and most residents of Cavan Monaghan would have had an issue date of July 11, 2016, which means that you have until November 8, 2016 to file a Request for Reconsideration for the 2017 property tax year. For more information on the Request for Reconsideration process, market trends in our area, property assessment and taxation, visit www.AboutMyProperty.ca or call MPAC at 1-866-296-6722.
Your property taxes are based on the following three factors, and are calculated by multiplying your CVA by the combined tax rates for your property tax class.
- Current Value Assessment (CVA).
- Property tax class. (e.g. Residential, Farm, Commercial).
- Total tax rate (municipal 51%, county 27%, and education 22%) of your tax class.
For residential properties in Cavan Monaghan, your combined 1.54% property tax increase in 2016 over 2015 was a result of a 3.32% municipal increase, 1.49% county increase, and 3.39% education decrease. For a residential property in the Township of Cavan Monaghan in 2016, with a CVA of $400,000, the increase in the total property tax levy over 2015 would have been $68.00.
I will be hosting a Town Hall meeting on November 10th at 7 pm at the Galerie Q in Cavan, marking the mid-point of this term of Council. I would encourage you to attend, and bring with you your questions, concerns, and suggestions for the remaining two years of this term.