Property taxes in Newmarket below provincial average
NEWMARKET, Ontario, January 4, 2008 - The 2007 Municipal Study recently released by BMA Management Consulting Inc. reveals that Newmarket is financially stable and the Towns property taxes are below average compared to 79 municipalities across Ontario.
In 2007, the average per capita property tax in Newmarket was $1,009 $112 less than the average amount reported in the study. In fact, 77 per cent of municipalities studied reported a higher per capita municipal tax levy than Newmarket, says Bob Dixon, Newmarkets Treasurer and Commissioner of Corporate and Financial Services.
The BMA study also reported the following results for Newmarket:
The net municipal levy per capita was calculated using 2006 Statistics Canada population data and the 2007 municipal levies. According to the study, the net levy per capita ranged from $744 to $1,696 with an average of $1,121 per capita.
The BMA report includes an analysis of 79 Ontario municipalities, representing more than 80 per cent of the Ontario population. The municipalities included in the survey range in population from 5,800 to approximately 2.5 million.
The Towns 2008 budget is currently before Council for review and will be presented to the public at a special public open house on Monday, January 14 from 6-8 p.m. at the Magna Centre (Activity Rooms A&B). Council and Town staff will be available to answer any budget related questions and refreshments will be served.
Residents can learn more about the BMA study, Newmarkets proposed tax increase for 2008, how tax dollars are spent, the major capital projects proposed in 2008, and how Newmarket is planning to stabilize the tax rate over the next five years at the open house on January 14.
If you have any questions or comments about Newmarkets budget, please contact the Finance department at 905-895-5193 or submit your question/comment online at www.newmarket.ca.