Property Taxes are a lien on the land and as such are a secured debt to the municipality. As is the case with every municipality
in the Province of Ontario, assessments are based on the prior years' market value and are
levied against the property owner. Property taxes are determined by multiplying the tax rate by the assessed value of the property provided for by
MPAC.
Tax Rate (formerly called a mill rate) is the factor which, when multiplied by a property's current value assessment, determines the amount of property taxes to be levied against that property. The
tax rate is determined after City Council approves the budget, which includes the total amount it needs to raise from taxes.
City Council determines the current year tax rate by April 30 of the current
year.
Business Improvement Area (BIA) levies will continue with an assessment-based system that collects from commercial and industrial properties within the designated BIA. All charges are assessed to the property owner who is able to recoup the costs from the
lessee. Any unpaid BIA charges ultimately remain the responsibility of the landlord/owner, and any such charges will be deemed to be taxes on the property, and subject to a lien, in the event of a tax sale.