Bylaw Application
DATE PREPARED:
February 10, 2014
COUNCIL MEETING:
February 25, 2014
The subject lands are approximately 97.7 acres in size and front on the north side of
2nd Concession Road in the Township of South Walsingham. All structures on the farmland are to be demolished. The subject lands are farmed for agricultural purposes. The surrounding land use is primarily agricultural and rural residential.
This former farm belonged to the Poole Family and was sold to NCC for $430,000 in 2006. The 2012 assessed value was $563,000 and dropped in 2013 to $414,500 for a loss of $148,500. While typical Citizen properties have climbed in value, the Nature Conservancy of Canada's has seen a steep decline.
A quick look at the current value using the MPAC AboutMyProperty tool show's that this former farm is already zoned Managed Forest even though it has buildings on it and has a value of $329,000. So in 2 years the value has dropped $234,000 and this demolition will further reduce the taxable value.
Apparently this application is just a formality since it's already had a property class change done and talk about speedy. Application submitted November 21st, 2013
A farm is taxed at the reduced farm rate for everything except the one acre where the house sits, which is taxed at a regular residential tax rate. Remove the house and you remove the brunt of the taxes payable.
Managed forest is taxed at the agricultural rate and Conservation Land is tax exempt.
Managed Forest Tax Rate is 0.31122% in Norfolk County and 1.2449% for Residential. In 2012 Managed Forest brought in a total of $39,128 to County coffers. Farmland produced an income of $2,910,922.
Just as a rough example.
$329,000 at Residential = $4,095
$329,000 at Managed Forest = $1,023
Lost $3,072 on this one. Imagine over 40 farms.
No comments:
Post a Comment