General Committee

 

 

 

 

 

TO:

Mayor and Members of Council

 

 

 

 

FROM:

Barb Cribbett, Treasurer

 

 

 

 

PREPARED BY:

Paul Wealleans, Director, Taxation

 

 

 

 

DATE OF MEETING:

2006-Jan-23

 

 

 

 

SUBJECT:

2006 Reassessment - Current Value Assessment (CVA)

Impact on Town of Markham

 

 

 

 

 

RECOMMENDATION:

 

THAT this report be received for information.

 

PURPOSE:

 

The purpose of this report is to provide information relating to the 2006 Province-wide property re-assessment and the impact on properties in the Town of Markham.

 

BACKGROUND:

 

All properties across Ontario have been reassessed for the 2006 tax year based on property values as of January 1, 2005.  The new values are the basis for taxation for 2006 for municipal, regional and school purposes.

 

OPTIONS/DISCUSSION:

 

All properties in Ontario were reassessed by the Municipal Property Assessment Corporation (MPAC) for the 2006 tax year. The assessment cycle is as follows:

 

Tax Year                                  Valuation Date

2001 & 2002                           June 30, 1999

2003                                        June 30, 2001

2004 & 2005                           June 30, 2003

2006                                        January 1, 2005

 

For 2006, CVA is based on values determined as of January 1, 2005. 

 

The average Current Value Assessment (CVA) increase for all taxable properties in the Town of Markham is 9.14 %. The average change by tax class is as follows:

 

                                                Markham                     Region                          Province

Residential:                                8.39 %                       10.97 %                       12.31 %

Multi-residential:                       18.96 %                       14.40 %                       11.25 %          

Commercial:                             12.51 %                       12.76 %                       10.26 %          

Industrial:                                  11.52 %                       11.78 %                         8.11 %

 

The CVA data for Markham is based on the 2006 returned roll and comparison values for 2005, while the figures for the Region and the Province were provided by MPAC.  If the CVA of a Markham residential property increased at a rate higher than 8.39%, it would experience a tax increase due to reassessment and, conversely, a CVA increase of less than 8.39% results in a tax decrease due to reassessment.

 

The residential property class includes not only single family homes but also other properties taxed at the residential rate such as vacant residential land, co-op housing, group homes, golf course greens and fairways.

 

Properties in the commercial, industrial and multi-residential classes remain subject to capping protection. 

 

The table below shows values for residential homes only in each ward and excludes certain properties such as vacant land, and residential condominium. The average CVA increase for homes in Markham is approximately $33,000 or 8.96% which is higher than the overall residential class increase of 8.39 %.

 

The table below shows the changes by ward:

 

Ward

2003 CVA Base 2004/5 Taxation

2005 CVA Base

2006 Taxation

Dollar

Change

Percent

Change

1

$ 451,237

$ 511,127

$59,890

13.27 %

2

$ 395,205

$ 436,930

$41,725

10.56 %

3

$ 381,489

$ 412,462

$30,973

8.12 %

4

$ 335,556

$ 352,087

$16,531

4.93 %

5

$ 343,869

$ 375,637

$31,768

9.24 %

6

$ 448,351

$ 497,238

$48,887

10.90 %

7

$ 326,847

$ 353,071

$26,224

8.02 %

8

$ 327,218

$ 356,361

$29,143

 8.91 %

Town

$ 370,227

$ 403,393

$33,166

8.96 %

 

There will be a presentation to General Committee at this meeting that will provide detailed impacts for each Ward, Property Class and Specific property Types in the Town of Markham.

 

FINANCIAL CONSIDERATIONS:

None.

 

BUSINESS UNITS CONSULTED AND AFFECTED:

 

None.

 

ATTACHMENTS:

 

 

 

 

 

 

 

Barb Cribbett, Treasurer

 

 

 

 

Andy Taylor, Commissioner

Corporate Services

Paul Wealleans, Director, Taxation

 

 

 

 

 

Q:\Finance and Administration\Finance\SHARED\2005 General Committee Finance\0601 2006 Reassessment - CVA Impact on Town of Markham.doc