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2009 Municipal Budget Presented by: Reeve Richard Kidd May 5th, 2009 2009 Municipal Budget Township of Beckwith Municipalities generate property tax bills to all properties within their boundaries including Residential, Commercial, Industrial, Managed Forest, Pipeline and Farmlands.
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Presented by: Reeve Richard Kidd
May 5th, 2009
Municipalities generate property tax bills to all properties within their boundaries including Residential, Commercial, Industrial, Managed Forest, Pipeline and Farmlands.
Beckwith is a lower tier municipality which means it collects taxes for Local Municipal Services, County Services and School Boards.
Tonight’s budget presentation is for the municipal portion only.
To calculate the tax rate the municipality calculates the total cost for all services, less any offsetting revenues such as grants, user fees, money borrowed or transferred from reserves. This total is divided by the total weighted assessment of the municipality.
Waste Management Fee Increase –$5.50 per residential property.
BUILDING CANADA FUND
● New infrastructure program announced with the priority to stimulate the economy while addressing local infrastructure needs.
● Joint federal-provincial investment of one-third each for local infrastructure projects.
● Received funding approval for a Outdoor Lit Artificial Turf Multi-Use Sports Field - $1,286,000; Beckwith’s share $428,666.
BUILDING CANADA FUND – con’t
● Pending approval for the following projects:
Building Canada Fund – Communities Component
7th Line Road Reconstruction$1,481,406
Infrastructure Stimulus Fund
Lake Park Road Reconstruction$900,534
Beckwith Sports Project – entrance road and parking lot$400,029
Joint Trail Development Project - Beckwith’s share $436,002
●Last province-wide assessment update took place three years ago and was based on a January 1, 2005 valuation date.
CHANGES TO PROPERTY ASSESSMENT SYSTEM
●Introduction of a four-year assessment update cycle.
● Phase-in of assessment change over four years.
Distribution of Tax Bill
For every dollar of taxes paid by a residential homeowner, the township receives $0.33; the county receives $0.43; and the school board receives $0.24.
● Average assessment of residential properties in Beckwith Township increased by 6.13%.
●2009 Local Residential Tax Rate remains the same as the 2008 Residential Tax Rate.
● Total Combined Residential property taxes will increase by 3.27%.
HOW PROPERTY TAXES ARE CALCULATED?
Property Tax = Current Value
Assessment X County Rate
● Thank you to Council and Staff for all the hard work and effort in preparing the 2009 budget.
● This report will be made available on the Municipal website at www.twp.beckwith.on.ca