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Revised Presentation re Chatham-Kent Association of
REALTORS
January 7, 2013 Budget Information Session
1
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
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
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Bungalow ... 2012 Relative Tax Burden
2012 Relative Tax Burden Comparison … Bungalow
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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
-
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Senior Executive ... 2012 Relative Tax Burden
2012 Relative Tax Burden Comparison … Senior Executive Home
All All Mix
Medium Higher of
Scale Scale Both
Number of homes:
Medium scale 28 0 14
Higher scale 0 28 14
Average assessment:
Medium scale 153,000 153,000 153,000
Higher scale 250,000 250,000 250,000
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 68,600 0 26,044
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
The Mechanics of Municipal Taxation
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City Avg. Residential Assessment
Toronto 447,090
Mississauga 429,000
Whitby 308,600
Oshawa 270,000
Chatham-Kent 153,000
Average Residential Assessment 2012
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For simplicity, this presentation has chosen list prices equal to the above average residential assessments
CHATHAM List prices chosen to equal average assessment for 2012 of $153,000 ...
2011 taxes ranging from $2,450 to 2,753
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MISSISSAUGA List prices chosen to equal average assessment for 2012 of $429,000
2011 taxes ranging from $2,522 to $3,430
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MISSISSAUGA 2012 List Price $429,000
2011 taxes ranging from $2,522 to $3,430
Equivalent house in Chatham …
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Quality of Life Options If Moving to CK From Mississauga
Average home in Mississauga
CK home @ same tax level
CK home @ same list price
CK home @ average tax level in CK
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OSHAWA List prices chosen to equal average assessment for 2012 of $270,000
2011 taxes ranging from $3,346 to $3,554
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OSHAWA
2012 list price $270,000 2011 taxes ranging from $3,346 to $3,554
Equivalent house in Chatham …
12
Quality of Life Options If Moving to CK From Oshawa
Average home in Oshawa
CK home @ same tax level
CK home @ same list price
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Taxes $3,346
CK home @ average tax level in CK
$3,346
TORONTO List prices chosen to equal average
assessment for 2012 of $447,090
2011 taxes ranging from $2,254 to $2,957
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TORONTO 2012 list price $447,090
2011 taxes ranging from $2,254 to $2,957
Equivalent house in Chatham …
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$5,678
Quality of Life Options If Moving to CK From Toronto
Average home in Toronto
CK home @ same tax level
CK home @ same list price
CK home @ average tax level in CK
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Taxes $2,560
$5,678
WHITBY List prices chosen to equal average assessment for 2012 of $308,600
2011 taxes ranging from $3,359 to $3,732
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WHITBY
2012 list price $308,600 2011 taxes ranging from $3,359 to $3,732
Equivalent house in Chatham …
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Quality of Life Options If Moving to CK From Whitby
Average home in Whitby
CK home @ same tax level
CK home @ same list price
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CK home @ average tax level in CK
Oshawa Average
Chatham Average
Whitby Average
Mississauga Average
Toronto Average
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$2,854
2011 taxes $2,560
Tax Comparison
City 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
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City
List Price in Home Municipality
Taxes in Home
Municipality
CK Home Price Where Taxes
Would be Equal to Previous Home
Toronto 447,900 2,606 153,000
Mississauga 429,000 2,976 189,900
Whitby 308,600 3,546 222,900
Oshawa 270,000 3,450 199,900
Chatham-Kent 153,000 2,602 153,000
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?
See previous slides for the relativity of house amenities 22
City2
List Price in Home Municipality
Taxes in Home
Municipality
CK Home Price Where Taxes
Would be Equal to Previous Home
Toronto 447,900 2,606 153,000
Mississauga 429,000 2,976 189,900
Whitby 308,600 3,546 222,900
Oshawa 270,000 3,450 199,900
Chatham-Kent 153,000 2,602 153,000
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?
See previous slides for the relativity of house amenities 23
Discussion
Discussion
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