The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

SEC 63 the impact of new tax assessment SECTION A THE HERALD Tnttday December 1985 Pago Ward benefits most by new tax scheme Tax story briefs Cushioning effect blow that the tax Impact study has finally come out with the hard tacts about Section and Its effects on Halfin Hills the town treasurer has his of work cut out for him Ray King is working on a report due early in the new year on phasing in Section of the provincial Assess Act so that the tax increases anticipated for Wards and can be softened for those on fixed incomes and the farming industrial and comm ere communities If necessary pack in October he told most municipalities who have gone to market value assessment haven cushioned the change for their taxpay era Mr King noted Milton set aside about tor the year of Section S3 to help out and found all the money wasn t used Acton units will benefit There are apartment buildings over six units In Acton and area will sec a tax decrease of on avenge thanks to a new system of luxation the new year decrease in taxes for the Jit residential buildings will affect per cent of complexes in Ward However taxes will rise for other apartments in the same ward Taxes will go up for apartment buddings in Wards 3 and There t any residential buildings in Ward J For SB apartment owners In Ward taxcswtllgodown but for others ihdy re slated to go up on average with market value assessment In Ward there are apartment buildings are expected to decrease with Firms wont be happy The new system of taxation cor down heavy on the town industrial sector According to the Halton Peel Assessment Office taxes will increase Tor most industries in town in the year thanks to the change to market value assessment The tax impact study prepared by the Assessment Office shows of industries will be facing increases in their property taxes In 1986 In general the land Is way underassessed much more so than the buildings are Valuation manager said The buildings much more uptodate even if It 1S54 assessment Most of the industries are located in Wards and and lax Increases up by as much as In two cases in Ward However most increases ore lolerableones Mr said under As well per cent of town industries getting a break in their tax bill are getting substantial reductions the valuation manager pointed out The most dramatic decreases are in Ward I where six industries will be saving 376 on heir property tax bill and another two will be saving over HI each In Ward two companies wilt be pleased learn their tax spending has gone down by each For three Ward industries it going to mean a drop of nearly in property taxes and for another four Ward Industries it will mean a saving of Herald Stuff Ward residents will the most to cheer about with the new mnrkut valut systtm of taxation to in the raw ycor According to a tax study rclCTied last week by the Feel Assessment Office Ward residents will sec a drop in property taxes of about on average This decrease will per cent of Ward residents living in single Family homes or dwelling units up to six However taxes for 15 per cent of Ward homeowners will go up Town treasurer Ray King said the decrease In property taxes for Ward 4 is due to the large number of newer homes In it ward Nlw homes have assessed at higher rotes than the older homes traditionally The tax impact study also a in taxes of on average for homeowners in Ward 1 This decrease in property taxes will affect per cent of Ward residents For per cent of them taxes will go up however In Wards and the picture is gloomy ih the taxman demanding greater share from these ana home owners According lo the Ward property laxts will go up on average increasing for 56 per cent of residents Word 2 taxes will drop for per tent for property owners In Ward 3 the tax increase is estimated at on average for homeowners and again expected to for per tent of residents and drop for 44 per cent them The first tax bill in February will changes caused by on of the Assessment Act which is the new market value assessment system of taxation by town council This first property tax bill in the new year will be based solely on last year mill rate and show the effect of Sect on on your bill Once the town s 19BG budget Is passed in the spring residents will be able to see the effects of both Section and the 19BG budget in their tax bills for the rest of the year It was back In October that the former town council said ves to going with Section At last Tuesday night meeting Commissioner Bob Beach of the Assessment Office said the Ministry of Revenue wanted a recon of the resolution supporting Section by the new council In a recorded vote the newly elected council voted 1 in favor of and Industrial taxpayers in town The tax increases tor Wards 2 and were anticipated by the town treasurer who early on noted the pattern in other municipalities which had adopted Section Apparently out of BOO communities or per cent of them have opted for Section Commercial sector wont be spared The commercial t been spared the brunt of Section In Ward which Ironically hat the trait retail units according to a lax Impact study by the province Taxes are up for per cent for the commercial sector In Ward There are retail unlU there and the increases are up to a high of 111 for one commercial property owner Twelve Ward operators will get a v log of and four a saving of on thru- ai bill while another 13 will see a bike of 1ST when their bill These are the bills they would have paid In 1981 if there had been a market value bums men I system of taxation In place Wards one and three have the bulk of the commercial operator In Want I where there are commercial thctaxesaredeereaiingforUpercent of them in Ward going up for per cent or them The average tax Increase for the Ward commercial operator will be according to ihe tax impact For 83 of them it means a Increase while for BO of them It means a decrease of One commercial unit will bave fork over another and another will face a boost of above what paid In 1B85 implementing Section 63 in the new year Betty Fisher was the sole dissenting voice Joe Hewitt left the meeting before the vote Mr Beach spent the night explain nig the increases and decreases In taxes that the new system of taxation would bring to residential commercial Mr King noted the pattern is that older homes tend to have been assess at lower values than the new homes With market value assessment the old homes are ones which face the greatest tax increases The older homes predominate in Wards and explaining the tax increases there Wards and 3 are also the wards with the most homes Together these words make up for residential propert In town or more than half of them The premise of Section is that you end up with the some assessment as before You re Just shifting the tax burden from one ward to another within the same class e residential commercial or industrial the town treasurer explained We wind up with the same number of tax dollars Farmers will pay extra Taxes will be Increasing for over half of Hills farmers accord to a tax impact study released by the province last week The study shows 60 per cent of farmers will have to pay extra dollars on their property tax because of market value assessment In 1986 The town has nearly all of its farms In Ward Of the 981 farms 590 will face increases over Another 391 will get some money back with of them receiving 882 less according to Ihcmarketvalueassessmcnt based on the mill rate The study was done to give the town on idea of what impact adopting would have on Hills and its four wards Concerned about their farmers the council voted for a treasury report on how the impact of an increased tax in 1986 could be lessened by some kind or phasing In of market value assessment That report from the town treasur is expected In January MILUERE TV SALES HAS MADE SPECTACULAR 3SSSB 1 BUYS OF RCA COLOR AND HELL PASS THESE SAVINGS DIRECTLY ON TO YOU IF YOU ACT NOW BUY NOW AND SAVE DURING OPERATION CLEAN UP 10 DAY SALE to oil Factory Suggested si Pi ess on some itms Hon Ihe 1 me buy because ices may neve law again RCA 14 REMOTE CONTROL TV YEAR WARRANTY INCLUDED WITH BUILT IN CABLE CONVERTER Compact enough lor any room in your home Bulton Channelock remote control band quartz crystal tuning of up to cable channels and on screen time and channel display lets you tune from across the room BUY NOW AND SAVE 20 RCA COMPACT TABLE MODEL WITH REMOTE CONTROL AND BULTM CABLE CONVERTER Remote control ol power onoff volume updown mute and channels Walnut finish 122 channel band tuning Automatic color control and correction 3 YEAR WARRANTY INCLUDED YEAH WARRANTY 26 RCA ColorTrak MonitorReceiver This ColorTrak Monitor Receiver Is actually two instruments in one a precision color TV receiver tor standard broadcast and cable channels and 2 a video monitor or cassette recorders and other program sources As the nerve centre a home video system this Monitor Receiver provides Improved performance plus simplified component hook up and operating flexibility Direct and video Inputs Level for Video and Video Inputs permit Incoming signals to be adjusted for best picture quality 6 HOUR VCR TAPE C99 ALL RCA COLOR SETS IN STOCK ON SPECIAL LOW LOW PRICES ON 26 CONSOLES COME IN AND CHECK OUR PRICES WITH 877 3405 low a 14Wriyn8trMt HOW Out If AH