2021 Property Tax Impacts
For Immediate Release February 16, 2021
The Town of Minto passed its 2021 budget in December 2020 while the County of Wellington passed its final budget in late January 2021. The Province of Ontario recently released the final schedule of Education Tax Rates. With all of the relevant factors in place, it is now time to determine the effects of these budgets and tax rate changes on typical properties.
The impact on a typical property is based upon the median average assessments for each class for 2020 and 2021. The percentage changes are based upon the combination of average assessment changes and the year-over-year change in tax rates for the particular assessment class. The tax rates are affected by not only the overall levy changes which were 1.49 % for Minto and 1.2% for the County, but also by the effect of changes in the portion of the tax burden paid by the various assessment classes.
For the average residential property, the increase in local taxes is 0.6% or $8. When combined with the County and Education levies, the overall tax change is an increase of 1.6% or $50 annually.
A significant change for 2021 is a reduction in the Business Education Tax rate, which is set by the Province. For Commercial and Industrial properties, this rate was reduced to 0.0088 for both of these classes. This will result in decreased taxes for commercial and industrial properties, assuming no other changes in assessment.
For further information contact
Derrick Thomson CAO, Town of Minto
5491 Highway 89, Harriston, Ontario N0G 1Z0
Phone 519-338-2511 Fax: 519-338-2005;