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Mono approves 2021 tax rates
April 2, 2021 · 0 Comments
By Peter Richardson, Local Journalism Initiative Reporter
Mono Council passed its final budget for 2021 during a meeting on December 8, 2020 with an inflationary one per cent increase plus a 0.5 per cent increase for growth.
However, until the County passed the 2021 tax ratios, tax rates could not be passed. The County has subsequently passed those ratios. the residential tax rate for Mono residents, will be 0.359 per cent in 2021, up 0.7 per cent over 2020.
With no reassessment occurring in 2020, it had been anticipated that the tax levy would increase by one per cent, with a tax levy increase of 1.5 per cent and a budgeted growth of 0.5 per cent. With the tax rate increasing less than 1 per cent, the actual growth has come in at 0.8 per cent, thereby decreasing the increase.
Council has now adopted its Tax Rate By-law for 2021 based on these findings. Taxes will be due in two installments, first on August 18, 2021 and the final billing is slated for October 20, 2021. Residents will pay a penalty of 1.25 per cent if their taxes are in arrears. The adoption of the by-law now allows the various bodies, local boards, and Departments of the Corporation of the Town of Mono to proceed with the expenditures and approved programs as provided for by the adopted estimates and outlined in the 2021 Budget.
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