Here’s some good news Georgina - you’re getting tax break

Yorkregion.com
June 3, 2015
By Heidi Riedner

Georgina residents will get a tax break, after finalized tax rates from the region and school boards got crunched last month.

A 3.99-per-cent property tax increase after town budget deliberations has now been set at 1 per cent, or $32 per average household, according to an administrative report tabled at council last week.

The reduced tax rate is the result of finalized region and education tax rates, which reflect a reduced tax burden to the average Georgina household.

The final rate incorporates how much of the taxes collected in Georgina go toward each of the town, region and school board pieces of their respective budgetary pies.

A number of factors go in to the financial formula, including current value assessments.

For example, with an assessment of $292,050, Georgina passed on 17 per cent of the total taxes collected in 2014 to the school boards and 35 per cent to the region.

By comparison, Markham, with an assessment of $521,000, shipped off 24 per cent of its total city budget to education and 50 per cent to the region.

In addition, the current value assessments for residential and commercial/industrial properties across the region and province have increased at a higher rate than in Georgina, based on the most recent property assessments, according to the report.

In 2014, Georgina’s total current value assessment increased by 1.3 per cent, compared to a 2.15-per-cent increase for the region.

As a result, a property tax reduction is reflected for the total taxes levied to Georgina residents.Analysis and details of the 2015 property tax rates for the town are available in Report DAS-2015-0025 of the council agendas on the town’s website at georgina.ca.