Revised Presentation re Chatham-Kent Association of REALTORS. January 7, 2013 Budget Information Session

Transcription

1 Revised Presentation re Chatham-Kent Association of REALTORS January 7, 2013 Budget Information Session 1

2 Purpose Concern raised by CKAR member: Clients moving to CK feel they pay more municipal tax on their CK home as compared to their former home. Information presented: Background information on CK taxes The mechanics of municipal taxation How CK taxes compare to: Mississauga Oshawa Toronto Whitby Opportunities available to those moving from the GTA 2

3 2012 Relative Tax Burden Comparison Bungalow Relative Tax Bungalow Burden 2012 Greater Sudbury 2,714 St. Thomas 2,767 Sarnia 2,806 Chatham-Kent 2,858 Guelph 2,905 Kitchener 2,933 Group Median 2,940 Cambridge 2,946 Windsor 2,957 Group Average 2,988 Survey Average 2,995 Kingston 3,056 London 3,080 Thunder Bay 3,162 Whitby 3,670 4,000 3,500 3,000 2,500 2,000 1,500 1, Bungalow Relative Tax Burden 3

4 2012 Relative Tax Burden Comparison Senior Executive Home Relative Tax Bungalow Burden 2012 Sarnia 4,850 Chatham-Kent 4,923 Cambridge 5,354 Kitchener 5,406 London 5,536 Guelph 5,538 Group Median 5,538 Group Average 5,624 Survey Average 5,659 Greater Sudbury 5,672 Whitby 5,672 Kingston 5,758 Windsor 6,202 Thunder Bay 6,949 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 - Senior Executive Relative Tax Burden 4

5 The Mechanics of Municipal Taxation All All Mix Medium Higher of Scale Scale Both Number of homes: Medium scale Higher scale Average assessment: Medium scale 153, , ,000 Higher scale 250, , ,000 Percentage of total assessment: Medium scale 100% 0% 38% Higher scale 0% 100% 62% Net municipal budget 68,600 68,600 68,600 Resulting tax rate 1.601% 0.980% 1.216% Taxes levied: On medium scale homes 68, ,044 On higher scale homes 0 68,600 42,556 Total 68,600 68,600 68,600 Average tax per home: On medium scale homes 2,450 n/a 1,860 On higher scale homes n/a 2,450 3,040 5

6 Average Residential Assessment 2012 City Avg. Residential Assessment Toronto 447,090 Mississauga 429,000 Whitby 308,600 Oshawa 270,000 Chatham-Kent 153,000 For simplicity, this presentation has chosen list prices equal to the above average residential assessments 6

7 CHATHAM List prices chosen to equal average assessment for 2012 of $153, taxes ranging from $2,450 to 2,753 7

8 MISSISSAUGA List prices chosen to equal average assessment for 2012 of $429, taxes ranging from $2,522 to $3,430 8

9 MISSISSAUGA 2012 List Price $429, taxes ranging from $2,522 to $3,430 Equivalent house in Chatham 9

10 Quality of Life Options If Moving to CK From Mississauga CK same list price CK same tax level CK average tax level in CK Average home in Mississauga 10

11 OSHAWA List prices chosen to equal average assessment for 2012 of $270, taxes ranging from $3,346 to $3,554 11

12 OSHAWA 2012 list price $270, taxes ranging from $3,346 to $3,554 Equivalent house in Chatham 12

13 Quality of Life Options If Moving to CK From Oshawa CK same list price CK same tax level Taxes $3,346 $3,346 CK average tax level in CK Average home in Oshawa 13

14 TORONTO List prices chosen to equal average assessment for 2012 of $447, taxes ranging from $2,254 to $2,957 14

15 TORONTO 2012 list price $447, taxes ranging from $2,254 to $2,957 Equivalent house in Chatham $5,678 15

16 $5,678 Quality of Life Options If Moving to CK From Toronto CK same list price CK same tax level Taxes $2,560 CK average tax level in CK Average home in Toronto 16

17 WHITBY List prices chosen to equal average assessment for 2012 of $308, taxes ranging from $3,359 to $3,732 17

18 WHITBY 2012 list price $308, taxes ranging from $3,359 to $3,732 Equivalent house in Chatham 18

19 Quality of Life Options If Moving to CK From Whitby CK same list price CK same tax level CK average tax level in CK Average home in Whitby 19

20 Chatham Average $2,854 Mississauga Average Whitby Average Toronto Average Oshawa Average 2011 taxes $2,560 20

21 City Tax Comparison Average Residential Value Taxes in Home Muni. Taxes in CK at Same Price Toronto 447,900 2,606 5,678 Mississauga 429,000 2,976 5,984 Whitby 308,600 3,546 5,080 Oshawa 270,000 3,450 4,607 Chatham-Kent 153,000 2,602 2,602 21

22 When moving to CK from an average home in other areas, what is the maximum purchase price of a home in CK if the desire is to pay the same amount of taxes as in previous municipality? City List Price in Home Municipality Taxes in Home Municipality CK Home Price Where Taxes Would be Equal to Previous Home Toronto 447,900 2, ,000 Mississauga 429,000 2, ,900 Whitby 308,600 3, ,900 Oshawa 270,000 3, ,900 Chatham-Kent 153,000 2, ,000 See previous slides for the relativity of house amenities 22

23 When moving to CK from an average home in other areas, what is the maximum purchase price of a home in CK if the desire is to pay the average amount of taxes in CK? City2 List Price in Home Municipality Taxes in Home Municipality CK Home Price Where Taxes Would be Equal to Previous Home Toronto 447,900 2, ,000 Mississauga 429,000 2, ,900 Whitby 308,600 3, ,900 Oshawa 270,000 3, ,900 Chatham-Kent 153,000 2, ,000 See previous slides for the relativity of house amenities 23

24 Discussion Discussion 24