Explaining Taxes And The Tax Rate
The discussion continues as to whether Thunder Bay has the highest taxes in the province. Current River Ward councillor Andrew Foulds vehemently denies that assumption, saying it’s like comparing apples to oranges. “What people are looking at in studies is the tax rate,” notes Foulds. “What you pay every year is calculated by multiplying two figures together; The assessed value of your property, assigned by MPAC, and the tax rate.” Foulds notes a city like Toronto does have a lower tax rate than Thunder Bay, but he suggests there’s a reason for that. “For instance, if you own a ...