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FINANCIAL and TAX INFORMATION
FINANCIAL INFORMATION: Assessments in the Municipality of Shuniah are established by the Municipal Property Assessment Corporation also known as MPAC. They currently use a method called Current Value Assessment (CVA) whereby it uses property sales in the community to establish your property's assessed value. As many as 200 factors can be considered when assessing the value of a property but five major factors usually account for 85% of the value:
The higher the assessment the more you will pay in property taxes. If you feel your assessment is too high you may complete a Request for Reconsideration, at no charge, which is available from MPAC. There is significant information available on assessments at www.mpac.ca or you may call MPAC at 1-866-296-6722.
The municipal tax rate for the year is calculated by taking the total municipal budget requirements for the year and dividing it by the total assessment of all properties in Shuniah. Rates vary depending on the Property Class of your property. Education tax rates are dictated by the province and are collected through your tax bill. Tax bills are sent out twice a year, with each bill divided into two payments. This spreads the taxes owing for the year over 4 payment due dates. The first bill is called the Interim Tax Bill and is usually sent near the end of January with payments due in February and May. The Interim Bill is based on 50% of the prior year's total taxes. Once the budget is set by Council in the spring, the Final Tax Bill is sent usually in July with due dates in August and October. The Final Tax Bill is based on the total taxes for the year less the Interim Tax Bill. Any outstanding balances owing past the due dates are charged interest at 15% per annum. This interest is applied at the beginning of each month at a rate of 1.25%. |
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