For all of our readers in Collingwood, The Blue Mountains, Wasaga Beach, Clearview Township, Grey Highlands and Meaford, you might sometimes wonder, How is my Tax Bill Calculated?
Formula to use is = PROPERTY ASSESSMENT multiplied by TAX RATE
ie. for 2014 use the 2014 Phased In Assessment rate and multiply it by the tax rate adopted by your municipality.
The Municipal Property Asssessment Corporation (MPAC) classifies and assesses all properties in Ontario under the Assessment Act and regulations established by the Provincial Government.
To establish your property’s assessed value, MPAC analyzes the property sales in your area. These sales provide a basis for assessed values. MPAC continually collects info regarding properties to ensure that same/similar property types are valued consistently within the market area. This method is called Current Value Assessment. It is used by most assessment jurisdictions in Canada and around the world.
Here is a link to the local tax rates.