How Your Property Taxes Are Calculated

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The amount of property tax payable on land and/or buildings is the result of a calculation based on four factors:

  • The market value assessment of your property (provided by MPAC (Municipal Property Assessment Corporation)
  • The tax class into which your property falls
  • The tax rate for the applicable tax class (set annually by City Council)
  • The tax rate for Education portion of that class (set annually by the Province on Ontario)

Property taxes are calculated using the Current Value Assessment of a property and multiplying it by the combined municipal and education tax rates for the applicable class of property. For the 2015 taxation year, Council reviewed the budget the week of January 12 - 15 inclusive. Final Budget Approval took

place at the regularly scheduled Council Meeting on Monday, February 2, 2015. The Education rates were released from the Province April 7, 2015.

The property tax classes for the City of Peterborough are as follows:

  • Residential (RTEP, RTES, RTFP, RTFS)
  • Multi-Residential (MTEP, MTES, MTFP, MTFS)
  • New Multi-Residential (NTEP, NTES, NTFP, NTFS)
  • Commercial Occupied (CTN, DTN, GTN, STN)
  • Commercial Vacant (excess/land) (CUN, CXN, DUN, SUN)
  • New Commercial Occupied (XTN, YTN, ZTN)
  • New Commercial Vacant (excess/land) (XUN, XXN, YUN, ZUN)
  • Industrial Taxable (ITN, LTN)
  • Industrial Vacant (excess/land) (IUN, IXN, LUN)
  • New Industrial Taxable (JTN, KTN)
  • New Industrial Vacant (excess/land) (JUN, KUN)
  • Pipeline (PTN)
  • Farmlands (FTEP, FTES, R1EP)
  • Managed Forest (TTEP, TTES)
  • Farmland Awaiting Development (R1EP)

Source: www.peterborough.ca

Category: Taxes

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