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Property tax rebates

2017 Council-approved property tax rebates

Last June, Council reduced the previously approved 4.7 per cent tax rate increase for 2017 to 1.5 per cent and approved a rebate from the Fiscal Stability Reserve to cover the 1.5 per cent increase.

The Province’s tax requisition for this year was lower than The City originally expected, creating what is commonly called tax room in the amount of $23.7 million. In conjunction with approving the 2017 Property Tax Rate Bylaw, Council agreed to return the 2017 tax room as a one-time rebate to taxpayers.

The rebates are shown on your tax bill as the single credit amount “Council approved rebates,” calculated using the total of the two Council approved rebate rates.

Assessed value

The property's assessed value used to calculate the rebate can be found on your 2017 assessment notice or 2017 property tax bill.

Total rebate rate

The rebate rate used to calculate the credit depends on the assessment class of the property: residential, non-residential, or farmland.

The credit was calculated using the “Total 2017 Rebate Rate” (seen in the table below) and is shown on your tax bill as single credit amount.

The tax rebate is a credit to the property, not a specific owner.

Assessment Class

Council approved rebate - 2016 June
 

1.5% tax rebate from the Fiscal Stability Reserve to offset 1.5% tax rate increase

Council approved rebate – 2017 April

$23.7 million tax room returned to taxpayers

Total 2017 Rebate Rate

Residential

0.0000578

0.0000532

0.0001110

Non-residential

0.0001927

0.0001928

0.0003855

Farmland

0.0002593

0.0000532

0.0003125

Rebate calculation

The rebate amount is calculated by multiplying the property’s assessed value by the relevant total rebate rate. For properties having more than one assessment class, multiply the assessment value per class by the relevant class’s total rebate rate.

Total of 2017 Assessed Value by assessment class x Total 2017 Rebate Rate by assessment class = 2017 Property Tax Rebate

Example: residential property with an assessed value of $460,000

460,000 x 0.0001110 = $51.06, which would be shown on the bill in the “Council approved rebates” line.