In 2003, a Tax Penalty Bylaw was passed with the following penalty schedule:
3% on current taxes - July 1st
5% on current taxes - October 1st (except farmland properties & farm residences)
5% on current taxes - November 1st (except farmland properties & farm residences)
5% on current taxes - December 1st on farmland properties and farm residences only
10% on the total taxes owning - March 1st.
We are proposing to change the penalty schedule as indicated below because the current schedule is cumbersome for staff to administer:
5% on current taxes - July 1st
5% on current taxes - December 1st
10% on total taxes owing - March 1st
Attached is a comparison showing the amount of penalties collected with the current penalty schedule and the proposed schedule. The proposed penalty schedule indicates a decrease of $932.52.
Bylaw No. 1565 is now being presented to Council to set a a new penalty schedule for unpaid property taxes pursuant to Section 344 and 345 of the Municipal Government Act.
If Bylaw No. 1565 is passed, Bylaw No. 1400 will be rescinded.