Tax Rates

Municipal Tax Rates (Belleville 2012)

Feel free to contact Tom for an up to date assessed value of your property!

Property Tax Explained:
Property tax is what is termed an ad valorem tax, in other words this simply means that the tax is based on the value of the property itself. If two homeowners in the same city had homes assessed at an equal value, both would pay the same amount of tax each year. The important thing to remember here is that property taxes are based on property value, not how much you earn or spend yearly. The taxable value for a typical home would include the land and the structure.

The basic property tax formula is similar all across Canada and takes the following form:
Taxable value x Tax rate = Annual Property Tax Bill

 For example, if a homeowner has a multi residential property with an assessed value of $250,000 and the municipal tax rate for multi-residential properties is 0.03540175, then the equation would be:

 250,000 x 0.03540175 = $8,850.43 (This is what the property owner would owe to the city yearly)

2012 Municipal Tax Rates

Residential

0.01543295

Multi residential

0.03540175
Commercial 0.04027646

Commercial Vacant

0.02819351

Industrial

0.04763508
Industrial Vacant 0.03096280

[1]

BDIA Tax Rates:

The Belleville downtown improvement association is responsible for the improving the general look and overall experience of the downtown core, which runs from Front St. to Pinnacle St. to Dundas St. It is a board of management set up to provide not only business promotion but improvement functions as well. The local municipality is responsible for establishing and approving the budget of the BDIA. With these great incentives, the tax rate of downtown Belleville is levied at a higher rate due to the extent of initiatives and benefits the organization provides

The two fold mandate of the BDIA is as follows:
-To improve, beautify and maintain public lands and the buildings within the BDIA, beyond what is provided by the municipality at large and,
-To promote the area as a business and shopping area.

 The activities that the BDIA have become involved with

-Marketing: creating effective promotions to retain and expand the customer base
-Business recruitment: working with property owners to ensure that available space is occupied
-Streetscape improvement: providing customer friendly lights, signage, plants etc
-Seasonal decorations

2012 BDIA Tax Rates

Class

Description

Rate

CT

Commercial

0.00609620

CU

Excess Com

0.00426740

CX

Vacant Com

0.00426740

ST

Shopping Centre

0.00609620

DT

Office building

0.00609620

GT

Parking lot

0.00609620

SU

Excess shopping

0.00426740

IT

Industrial

0.00762380

LT

Large Industrial

0.00762380

[2]



[1] (2011). Belleville Community Profile. Pg 44. Retrieved from <http://www.city.belleville.on.ca/CityHall/Departments/ChiefAdministratorOffice/Documents/Reports%20- %20StrategicInitiatives/Belleville_Community_Profile_2011b.pdf>

[2] (2010) City of Belleville Tax Rates. Retrieved from
     <http://www.city.belleville.on.ca/SiteCollectionDocuments/taxrates2010.pdf>

Tom McEvoy

Tom McEvoy

Sales Representative
CENTURY 21 Lanthorn Real Estate Ltd., Brokerage*
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