taxation

Tuesday December 12, 2017

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Tuesday December 12, 2017

Liberals reach deal with the provinces on sharing pot tax revenue

Federal Finance Minister Bill Morneau has reached a deal with his provincial and territorial counterparts on a formula for sharing pot tax revenue.

December 16, 2016

The agreement gives the provinces at least 70 cents on the dollar, a sizable increase from the 50-50 framework proposal Morneau had announced last month.

Heading into today’s meeting with Morneau in Ottawa, provincial ministers had insisted on a greater share, arguing the provinces and municipalities would shoulder the majority of costs for police enforcement, health care and education programs once marijuana becomes legal in July.

A formal statement confirming the agreement is expected soon.

June 20, 2017

Asked about the deal this afternoon, Prime Minister Justin Trudeau repeated that the objective is to restrict access to young people and to remove profits from criminals.

“That means getting the balance right in terms of both pricing and the ability to properly monitor it in our communities,” he said.

Before the deal was reached, Ontario Finance Minister Charles Sousa said some provinces felt uneasy about the uncertainty of how the pot legalization program will roll out.

September 9, 2017

“Some provinces get annoyed that we didn’t ask for this, didn’t provide for this, you’re imposing upon the provinces and we have no flexibility,” he said.  “So the federal government has to come up with some of that flexibility to provide some support to the provinces and municipalities that are being affected.” (Source: CBC News) 

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Wednesday July 13, 2016

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator Ð Wednesday July 13, 2016 Hamilton property values spike in latest MPAC assessment Average residential property values in Hamilton have spiked 27 per cent since 2012, leaving homeowners to wonder if tax hikes will follow. The Municipal Property Assessment Corporation reassesses the value of all properties in Ontario every four years. Cities use that data to figure out how much you pay in taxes. While Hamilton's assessed property values have jumped, the city didn't even make the Top 5 list for biggest municipal increases. The poster-child for overinflated home prices, Toronto, saw an average increase of 30 per cent, as did Oakville and Burlington. Richmond Hill and Markham topped the greater GTA with average increases of 47 and 45 per cent, respectively. A hot housing market is largely responsible for the dramatic boost, said Greg Baxter, director of valuation and customer relations for the non-profit assessment corporation. "There are always pockets in every community where the market behaves differently," he said. "But in the GTA, and extending all the way to Hamilton, in general real estate values are increasing substantially." It's the kind of news that worries local taxpayers waiting for MPAC notices that started going out July 4 in Hamilton. It makes city officials nervous, too Ñ mostly because they're braced for phone calls from residents asking if their taxes will go up 27 per cent. The answer is no Ñ and in fact, a property value increase doesn't even guarantee your taxes will go up, either. The city has a dedicated page on hamilton.ca to answer resident questions on property reassessment. (Continued: Hamilton Spectator)Êhttp://www.thespec.com/news-story/6762889-hamilton-property-values-spike-in-latest-mpac-assessment/ Ontario, housing, home, ownership, tax, taxation, MPAC, property, assessment, municipal

Editorial Cartoon by Graeme MacKay, The Hamilton Spectator – Wednesday July 13, 2016

Hamilton property values spike in latest MPAC assessment

Average residential property values in Hamilton have spiked 27 per cent since 2012, leaving homeowners to wonder if tax hikes will follow.

By Graeme MacKay, The Hamilton Spectator, Tuesday November 20, 2012 Property Assessment vs. Air strike Crises The average assessed value of a Hamilton home will rise more than 12 per cent over the next four years. Municipal Property Assessment Corporation (MPAC) notices are beginning to arrive in Hamilton homeownersÕ mailboxes with the latestÊupdate on assessed property values since 2008. Increases will be phased in over four years so locally, residential property values will increase by an average of 3.1 per cent in 2013, saidÊLou Castellani, an area MPAC representative. Decreases will not be phased, however, and should be immediately reflected in updatedÊproperty values. Just because your home is assessed at a higher value doesnÕt mean your taxes will spike, Castellani emphasized. It depends on how yourÊincrease stacks up against the city average. ÒIf you look at your notice and see your home has gone up (in value) 9 per cent, you can probably expect a tax cut,Ó he said. ÒIf you liveÊin a hot market and your property increased in value by 14 per cent, you may see a slight increase in taxes.Ó More than 161,000 homeowners in the Hamilton area will soon receive updated notices, he said. Meanwhile, more Palestinian civilians were caught in the line of fire Monday as Israel expanded the scope of its campaign in the GazaÊStrip, hitting densely packed areas of the territory with airstrikes. Israel began targeting the Gaza homes of Hamas activists and suspected military commanders over the weekend, bolstering its efforts toÊstop Hamas rocket fire on the state. The new approach, however, has led to an increased number of civilian casualties as airstrikesÊdevastate more crowded areas of Gaza. (Source: CTV News) http://www.ctvnews.ca/world/civilian-death-toll-climbs-in-israel-gaza-crisis-as-world-leaders-urge-ceasefire-1.1044011 News, Canada, Ontario, property, assessment, news, rockets, Israel, Palestine, attacks

November 20, 2012

The Municipal Property Assessment Corporation reassesses the value of all properties in Ontario every four years. Cities use that data to figure out how much you pay in taxes.

While Hamilton’s assessed property values have jumped, the city didn’t even make the Top 5 list for biggest municipal increases. The poster-child for overinflated home prices, Toronto, saw an average increase of 30 per cent, as did Oakville and Burlington. Richmond Hill and Markham topped the greater GTA with average increases of 47 and 45 per cent, respectively.

By Graeme MacKay, The Hamilton Spectator, Friday October 21, 2005 Ontario ombudsman to probe MPAC Ontario's ombudsman is investigating the corporation that assigns values to private property for the purposes of municipal taxation. Andre Marin says there is a lack of transparency in how the Municipal Property Assessment Corporation, or MPAC, arrives at its decisions. Marin says the complaints meter in his office has moved into the red-zone over MPAC's ways and there is deep-rooted dissatisfaction over property assessments. He calls the corporation aloof and mysterious and says citizens are dazed and confused over their inability to get the corporation to reveal basic criteria on how values are set. Marin says he knows something is wrong when the mayor of Sarnia refers to MPAC's methods as Monty Python-like. The ombudsman says he'll investigate a number of areas, including MPAC's refusal to adhere to a successful appeal of a property's valuation in subsequent assessments. The investigation is expected to last four to six months. (Source: Ottawa Citizen) Ontario, MPAC, property, assessment, tax, iceberg, hudson bay, tax, housing

October 21, 2005

A hot housing market is largely responsible for the dramatic boost, said Greg Baxter, director of valuation and customer relations for the non-profit assessment corporation.

“There are always pockets in every community where the market behaves differently,” he said. “But in the GTA, and extending all the way to Hamilton, in general real estate values are increasing substantially.”

It’s the kind of news that worries local taxpayers waiting for MPAC notices that started going out July 4 in Hamilton. It makes city officials nervous, too — mostly because they’re braced for phone calls from residents asking if their taxes will go up 27 per cent.

The answer is no — and in fact, a property value increase doesn’t even guarantee your taxes will go up, either. The city has a dedicated page on hamilton.ca to answer resident questions on property reassessment. (Continued: Hamilton Spectator)