Financial & Property Tax Info

2010 Municipal Budget

The Council of the Township of Asphodel-Norwood passed the 2010 budget on April 27, 2010. The taxation increase is 2.34% which represents $48,996. This increase is necessary due to the loss of $39,844. of Ontario Municipal Partnership funding (OMPF), from the Province of Ontario. The actual increase in spending is minimal at $9,152 which is 0.32%.

The budget includes $3,686,747.00 of capital projects. This is a substantial amount for the township. The projects include:

- the completion of the King & Alma Street rebuild
- the completion of the River Road
- the completion of the Dummer-Asphodel Boundary Road
- the completion of the new Public Works facility
- the purchase of a Public Works truck
- the purchase of a fire tank for the truck chassis (already purchased)
- the purchase of an ice resurfacer

What does this mean for the average homeowner? If your assessment was $100,000 in 2009, you paid $720.49 for the municipal portion of your tax. If your assessment increased by 7% (the approximate county-wide reassessment phase-in) to $107,000 in 2010, you will pay $739.83 for the township portion of your tax bill or an increase of $19.34 for the year or about $1.61 per month.

The direction of Council was to minimize the potentially significant impacts to our taxpayers and staff worked diligently towards this outcome.

 

2008 Financial Statements

2007 Financial Statements

2006 Financial Statement

 

Property Tax Information

When are my 2010 Taxes due?

There are a total of four (4) tax installments due in 2010. The interim tax installments are due March 25th and May 27th, 2010.
The third and fourth installments will be due in August and October.

How are property taxes calculated?

MPAC provides assessment values on each property to our office. The County provides the municipality with their tax rate once their budget is passed and the province sets the education rate. Once the municipal budget is passed the tax amount can be calculated by multiplying the property's assessment value by these three tax rates.

2010 Tax Rates

	Municipal	Education	County	Hospital	Total
Commercial Taxable (CT)	0.759611	1.347745	0.379573	0.015320	2.502249
Farmlamds Taxable (FT)	0.172859	0.060250	0.086376	0.003486	0.322971
Industrial Taxable (IT)	1.067023	2.093569	0.533185	0.021521	3.715298
Multi Res Taxable (MT)	1.230893	0.241000	0.615069	0.024826	2.111788
Residential Taxable (RT)	0.691435	0.241000	0.345507	0.013945	1.291887
Managed Forest (TT)	0.172859	0.060250	0.086376	0.003486	0.322971