The Goderich Signal-Star, 1976-08-05, Page 134ack!..s4Jot.t
(continuedfrom page 4A•j` •
pectedu...rates•• - These con -
P
_. r ditions caused values laced
"on properties tot, - e hopelessly
out ofa date within win sev r '
e al
months, 'making meaningful
fax analyses impossible.
Therefore, --the---schedule • for:
the . p ereritation of...
e sensed iia1 e
i'"� uswas
delayed until the 1977 tax
year. -
f"a,
GOD RICH SIGNAL,•STAR, THURSDAY, AUGUST 5,'1 76 A
"The ?rovince has almost
completed- the: reassessment-
of all properties in•Ontario: It
is intended that once market
value is established, it will be
kept up.todate. '
"The use :of: prsop,er;ty
taxation will- continue to b'e'
;tube., exclusive right..of local
'governments and the mai''
.source of their tax revenues.
The property tax has proven
to' be a :good tax for the
raising of Jocal funds.. No
other levels of government
uses -property as a tax.svurce.
Furthermore`, local " gover-
nments have considerable
flexibility in setting mill rates
in accordance with. their
financial requirements. With
the 'introduction of the
property tax credit system •
Which virtually eliminated
the•regressave features of the,
tax, the revenue -raising
capacity of property taxation
has been greatly enhanced.
".U.uring this . period of
reassessment-, the Province
has also been analysing. the
effects of the new values on
the distribution of . taxes
among taxpayers and . on
mun•icipal 'finance. The
development of a compatible,
property tax system•.for' in-
troduction with market value
assessments is fundamental
to a pragmatic program . of
reform-."
The • Government's
Pr'posals for Reform 'of
Property Taxation in, Ontario
areintended to' establish an
appropriate . distributionof
tax burdens among classes of
real property, to ..Thieve': a
more neutral business
'assessment rate; and to
broaden the local tax base by
removing exemptions,: •
Under- : the -proposals,
„residences in Ontario,
collectively, 'wo.uid, ";bear a
reduced share of ...property.
taxes and residential
property would be redefined
td include only residences and
able land.
a reason_,._.. .,mount of a d
The current practice of
levying different mill rates on
residential and commercial
;properties wool` be
discontinued,
',Farmland, farm buildings,
Managed •• forests and farm
residences would be assessed
at Market Xaiue.: ,Farmland,
farm building -Wand managed
forests would be taxed at 100P
.. percent of market .value and
the taxes would be paid by the
Province: Farm .residences
would be taxed :as ail other,.
residences at 50 percent of
market value and the taxes
paid by 'the lo.wner, -There..
would be pr;ovisi into recover
• taxes .paid by .tlie-Province if
the property changes use.
All real property used for'
the purpose of a business`
.including governater t • ad-
ministretive facilities. Would s.'
be subject to art
.additio
nal
asessment of. 50 percentof
market v value for busr ess.
taxes.
I will report frother on the
1overniment's -Proposals fel. `.
Reform 'of Property Taxation ,
in Ontario, and shall"`; ;be il-
terested to` l'iear any coax-: • 7
ments and '•crieays on-' this:
subject,
. � Q
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