CORNWALL ONTARIO – More fiscal hemorrhaging at the hands of the O’Shaugnessy government in Cornwall as they issued a press release stating that they mediated a settlement with Shoppers Realty Inc. that saw the MPAC assessment cut by 26%! That’s a hard reality that if spread to more properties in the Industrial Park and other commercial properties could lead to devastating fiscal results.
The City just saw a big jump of water rates and tax rates due to a drop in commercial assessment. This cost the city over a quarter million dollars.
The question is how much more red ink will flow to the ratepayers of Cornwall.
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City of Cornwall reaches settlement with MPAC and Shoppers Realty on assessment appeal
The City of Cornwall has reached an agreement with the Municipal Property Assessment Corporation (MPAC) and Shoppers Realty Inc. for the assessment value of its Cornwall distribution centre following an Assessment Review Board mediation session.
Minutes of settlement were recently signed for the assessment of the property at 1330 Optimum Drive for the 2013, 2014, 2015 and 2016 taxation years. As per the settlement, the total assessment value has changed from $55,373,000 to $44,000,000.
The end result will see a municipal property tax refund totalling $274,564.61 for these four taxation years.
“The City of Cornwall anticipated that there would be adjustments to assessment values within this sector and has made contributions to a tax stabilization reserve. This refund will be funded through this reserve,” said Tracey Bailey, General Manager, Financial Services and Treasurer.
“Shoppers is an important corporate citizen that supports our community through employment, property taxes and numerous other economic spin-offs,” added Mark Boileau, General Manager, Planning, Development and Recreation.
There are additional assessment appeals for other properties in the Cornwall Business Park which are working through a discovery process following a mediation session. Additional information will be provided once these matters are finalized.
Assessment values are established by MPAC, a provincial organization which assesses and classifies all properties in Ontario. Property tax bills are calculated by multiplying the assessed value of a property by the total tax rate (municipal and education). All property owners have the ability to appeal the assessed value of their property if they feel it is not accurate.