(Cobourg, ON) April 8, 2019 – Cobourg Council has adopted the 2019 Municipal Operating and Capital Budgets with a 1.6% tax increase from rates on prior existing assessment, which equates to an increase of approximately $4 on the Town portion of the average home assessed by the Municipal Property Assessment Corporation (MPAC) at $266 869.
The Municipal Property Assessment Corporation is an independent, not-for-profit corporation that classifies all Ontario properties according to the Assessment Act and regulations established by the Ontario Government. To establish the average Cobourg property’s assessed value, MPAC analyzes sales of comparable properties in the area. This method, called Current Value Assessment (CVA), is used by most assessment jurisdictions in North America. In 2018, the average home was assessed at $263 741 and the total town portion of the tax bill was $2 213. In 2019, the average home value increased to $266 869 and the total town portion of the tax bill will be $2 217.
“This is a responsible budget that minimizes expenses while making strategic investments for growth, infrastructure needs and our commitment to service delivery requirements,” said Deputy Mayor and Budget Chief Suzanne Séguin. “I want to thank the many engaged citizens who participated in our open budget deliberations and to the Budget Committee for their hard work on the budget.”
The 2019 Operating & Capital Budget (including Police and the Library), has a projected tax levy requirement of $23 985 529. Public feedback was received prior to Council’s consideration of the full budget on March 14.
Under the Municipal Act, The Town of Cobourg Council is required to ensure that the following services are maintained: Police, Fire, Parks & Recreation, Roads, Transit, Land Use Planning, Local Government, Library, Solid Waste, Storm Water, Wastewater and Drinking Water.
Highlights of the 2019 Municipal Operating and Capital Budget include $250K towards Affordable Housing, the installation of new transit stop shelters, Densmore Road Reconstruction, Kerr Street Extension, Active Transportation Funding, Playground Equipment, Traffic Light Controller Upgrades to King and William Streets, additional staff to increase sidewalk plowing on existing Town-plowed sidewalks and upgrades to the Fire Hall Roof.
The 2019 Municipal Operating & Capital Budget and the 2019 Town of Cobourg Final Budget can be found on the Municipal website at www.cobourg.ca.