Municipal Taxation & Finances

Property Taxes and Tax Rates

Property taxes are levied based on a percentage of the property’s current market value assessment (CVA). Each municipality is required to collect property taxes, and set the tax rats for the various property types. Municipal tax rates vary depending on the property type.

The annual tax bill is calculated by applying the tax rate against the current market value assessment of the property (Current Market Value Assessment x Tax Rate = Total Annual Taxes). For example, if your industrial manufacturing property in Wallaceburg has a current market value assessment of $800,000 and is classified as IT (Industrial Occupied), the annual taxes for 2009 would be: $800,000 x 0.06622341% = $52,978.72.

Property assessment is the responsibility of the Municipal Property Assessment Corporation. For more information visit their website at http://www.mpac.ca.