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Bracebridge Announces 2024 Tax Rates
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Bracebridge Announces 2024 Tax Rates

Posted: 2024-05-09 17:46:24 By: thebay

The Bracebridge General Committee announced its tax rates and due date for the 2024 Final Tax Bill, in the May 7, 2024 meeting.

According to the staff report, the Town establishes an annual By-law “to raise the required levy set out in the Municipal Budget.”

The report adds that the rates are based on assessments conducted by the Municipal Property Assessment Corporation (MPAC), tax ratios by the District of Muskoka (DMM), and the municipal tax levy in accordance with the budget.

“With the return of the 2024 Assessment Roll in December 2023, the approval of the 2024 Municipal Budget and Business Plan on February 14, 2024, and the estimate of the 2024 tax ratios through the District of Muskoka on February 2024, the 2024 municipality tax rates can be calculated for each property class for levying and collection purposes,” indicates the report.

The report continues, “The total levy to be raised by tax rates in 2024 is $19,473,580.” $19,276,830 is for general purposes, and urban related services is $196,750.

The general rate applies to all the Town’s properties, and the urban rates are calculated based on the cost of streetlights.

In January, the Town announced a 6.8% tax increase in the 2024 budget.

The Downtown Business Improvement Area (BIA) is considered an annual “special charge” depending on the budget allocated for it.

Annual provincial rates for education rates for businesses and residents remains unchanged from the 2023 rate of 0.153%.

The Town anticipates its Final 2024 tax bills will be out by mid-July, 21 days before the due date of August 30th – the last working day of the month.

The report indicates, “Penalty and interest is applied to all unpaid accounts on the first of each month at the rate of 1¼% (15% annually)… Payments received are applied first to all of outstanding penalties and interest and then to the oldest outstanding taxes owing.”