Below is a link to the Region of Durham's Agenda for its 9:30 a.m. Special Meeting of Committee of the Whole today!
It concerns GUIDELINES FOR THE REGION'S 2025 BUDGET. Good that it is not a 10% increase like they proposed last year, but they are looking at 4.9% increase.
"The combined impact of the three guidelines is an overall Regional property tax guideline impact of 4.9 per cent. This translates to an annual budgetary increase of approximately $163 for an average residential home in Durham Region with an estimated 2025 current value assessment of $483,100. "
The sticky point is that the $163 average increase is just the Region's portion of your taxes, For the whole picture you need to add the local municipality's increase and the school board's, which generally means double the $163 increase...
and then realize that the 'average residential home assessed value raises questions...obviously $483,100 is low, considering there are no residential units available for sale under $500K in Durham Region...
your own property's posted assessment value is still based on MPAC's 2016 assessed value. It is approaching a decade now since this assessed value has changed. But the Region and municipalities receive 'weighted assessed values' from MPAC annually and as stated in section 3.3 at the bottom of page 3. This is another sticky point:
"The current 2024 net weighted assessment growth estimate for 2025 taxation is only a preliminary estimate and should be used with caution as the actual assessment growth could vary either higher or lower than this estimate."
Ha! that they included the word 'lower' there.
You can watch the live meeting to hear the discussion on the durham.ca website, or check out Report 2024-COW-39 here: https://pub-durhamregion.escribemeetings.com/FileStream.ashx?DocumentId=4972
Below are two pages to give you some highlights.
It concerns GUIDELINES FOR THE REGION'S 2025 BUDGET. Good that it is not a 10% increase like they proposed last year, but they are looking at 4.9% increase.
"The combined impact of the three guidelines is an overall Regional property tax guideline impact of 4.9 per cent. This translates to an annual budgetary increase of approximately $163 for an average residential home in Durham Region with an estimated 2025 current value assessment of $483,100. "
The sticky point is that the $163 average increase is just the Region's portion of your taxes, For the whole picture you need to add the local municipality's increase and the school board's, which generally means double the $163 increase...
and then realize that the 'average residential home assessed value raises questions...obviously $483,100 is low, considering there are no residential units available for sale under $500K in Durham Region...
your own property's posted assessment value is still based on MPAC's 2016 assessed value. It is approaching a decade now since this assessed value has changed. But the Region and municipalities receive 'weighted assessed values' from MPAC annually and as stated in section 3.3 at the bottom of page 3. This is another sticky point:
"The current 2024 net weighted assessment growth estimate for 2025 taxation is only a preliminary estimate and should be used with caution as the actual assessment growth could vary either higher or lower than this estimate."
Ha! that they included the word 'lower' there.
You can watch the live meeting to hear the discussion on the durham.ca website, or check out Report 2024-COW-39 here: https://pub-durhamregion.escribemeetings.com/FileStream.ashx?DocumentId=4972
Below are two pages to give you some highlights.
