We've taken all of these figures from the Financial Information Return on the Municipal Affairs and Housing website. These are the figures that Norfolk County itself submits to the MMAH as part of the Municipal Performance Measurement Program.
As you can see in the table below, residential property values have risen over 15% since 2010. These increases have also made the amount of taxes that Citizen's pay rise as well. The Citizens of Norfolk paid over $64-million in property taxes in 2012. We have not included multi-residential figures in these totals. These property tax figures are for single home dwellings.
Commercial property values have also risen by just over 9% and they account for just over $10-million in property taxes paid. Since 2010 the commercial property tax revenue has dropped by $54k while residential has soared $4.6-million in that same time.
Industrial property values have also increased by over 10% but the tax revenue has dropped by $428k. Not surprising there as factory and industry in Ontario have come under attack and Ontario is piling up job loses at a staggering rate in the last 12 months.
Residents of Norfolk County have offset all of the Commercial and Industrial loses with their tax bill.
Is there a cost of drawing businesses to our Beautiful County? Of course and those costs relate to the infrastructure upgrades needed to entice businesses to come here. Infrastructure assets in Norfolk County have risen by over $25-million in 3 years.
How is this paid for? Since 2010 our Reserve Funds have decreased by over 25% or just about $10-million.
Net Financial Assets (Net Debt) now sit at almost negative $6-million(2012). If compared to 2009 the Net Financial Assets posted a surplus of $15,930,039. A whopping $22-million dollar difference.
As Citizen's and Rate Payers ourselves we feel compelled to reveal these numbers in a simple and transparent fashion. We're not getting paid for producing this information in an easy to read format. If you've looked at your tax bill lately there's likely a cause for concern. It's this cause that leads us to our cause. Informing the public as to what is going on in Norfolk County. The data obtained from the FIR site also shows that Norfolk County has the 2nd lowest commercial tax rate (3.22% - 2012) in the area. Only Brant County has a lower rate(3.19% - 2012).
We've included the increase/decrease as a percentage (computed) for ease of knowing and also for Councilor Peter Black's use. He loves percentage figures and so do financial savvy Citizen's as it gives you a very quick indication on which direction things are heading. We left out the 5 digit percentage drop in Net Financial Assets (Increase in Net Dept) on purpose. It's too depressing to publish - even for us.
If you have any questions about the validity of the data, please feel free to email us about any issues or concerns that you may have and we will address them. All of the data is publicly available at the above mentioned website.
How long can Norfolk County continue to stay 'Open For Business'?
The Facts are below. You decide.
| 2010 | 2011 | 2012 | Increase (Loss) | As a percentage | |
|---|---|---|---|---|---|
| Residental Property Value | $4,487,959,595 | $4,852,016,793 | $5,161,447,050 | $673,487,455 | 15.01% |
| Commercial Property Value | $304,171,876 | $318,440,029 | $332,219,376 | $28,047,500 | 9.22% |
| Industrial Property Value | $79,032,231 | $80,566,925 | $87,065,567 | $8,033,336 | 10.16% |
| Taxes Generated - Residental | $59,583,498 | $62,834,588 | $64,254,854 | $4,671,356 | 7.84% |
| Taxes Generated - Commercial | $10,762,392 | $10,823,045 | $10,708,627 | $(53,765) | -0.50% |
| Taxes Generated - Industrial | $3,322,112 | $3,006,177 | $2,893,503 | $(428,609) | -12.90% |
| Total Tax Revenue | $81,390,545 | $84,774,121 | $85,989,473 | $4,598,928 | 5.65% |
| Infrastructure assets | $339,387,049 | $358,667,364 | $364,671,171 | $25,284,122 | 7.45% |
| Net Financial Assets (Debt Net) | $20,642 | $(2,649,845) | $(5,381,765) | ||
| Reserve Funds | $39,622,444 | $33,996,623 | $29,627,427 | $(9,995,017) | -25.23% |
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