Living in Markham - Costs and Privilages - Where does the tax payers money go?

MARKHAM PROPERTY TAXES: Where does tax payers money go?

Those who reside in Markham can take notice that many improvements have began to take place. From new construction, new roads, more bus shelters, etc. Suddenly Markham is getting a large face-lift and many wonder where all this money came from? For one, its from tax payers. When the taxman comes calling, there usually is a price to pay for living in such a beautified community like Markham. It is no wonder many of its residents, including myself pay for the privilage of living in Markham through property taxes. In a nutshell, those funds help to pay for the roads and all the “free” books at the community public library but rarly think about the details of where all that money goes.

Something I learned today which many of you may also not be aware of is that while all your property taxes get paid directly to the City itself, you may be surprised to know that only 26% of that tax bill you have been paying is taken by the city. So scartch your head and ponder what happends to the rest of the money? Well, think about it. The average detached home in the City of Markham was assessed at $478,000 in 2012. A home like this will pay about $4,300 in taxes this year but only $1,100 actually goes to the City of Markham. It is the Region where half of the taxes go towards and the remaining 24% goes to the local school boards, with you as the resident selecting if it should be directed to the public or the separate system.

 

The town’s portion of the bill which accounts for roughly around 17% gets contributed towards fire services, local infrastructures such as roads, pipes, etc. Lastly, the remaining is then divided evenly to go towards the costs of parks, planning, libraries and other legal costs.

YORK REGION’S 5 YEAR HOUSING PLAN

What benefits and changes can residents of Markham expect to see in the next 5 Years? Many of you who reside in the York Region wonder if there is a strategic plan set in place for its growth. The good news is, Housing York Inc. has recently approved the “Housing York Inc. Strategic Plan” for 2012-2016. These will come as a series of initiatives to help with the vast growth and the issue of affordable housing needs in The Regional Municipality of York over the next five years. There are 5 key strategic goals under this umbrella which can be examined:

  1. Sustaining healthy communities
  2. Effectively managing properties
  3. Proactively managing finances
  4. Providing user-friendly services
  5. Strengthening governance and organizational capacity

Other initiatives under the plan also include:

  • Implementing new ways to hear from tenants
  • Develop pride-of-ownership programs including community gardens and clean-up events for the city
  • Providing summer employment program options for youths
  • To ensure that new buildings, retrofits and renewals reflect the Region’s commitment to environmental sustainability and accessibility, etc

 

According to the Markham Review, economic report shows strong growth and the Regional Municipality of York released its 2012 Economic and Development mid-year review, highlighting key economic and demographic trends to assess the region’s economy. According to the Mr. Fleischer of the Markham Review, some great highlights to note include:

  • Construction value has increased from 5th to 4th highest across Canada

  • Residential resale value reached a mid-year record of over $5.8 Billion

  • Permits for new residential building was up 55.4%

  • Average resale price for a single detached home increased by 10.2% to $703,501

  • York Region’s population and demographics great by 11,400 people to reach 1,097,000

It is no wonder why York Region and the City of Markham has become such a desirable choice for many residents. And to add, residents can also steer clear of the double tax which is in effect in the GTA.

Michelle Lu-Do

Michelle Lu-Do

Sales Representative
CENTURY 21 Leading Edge Realty Inc., Brokerage*
Contact Me