Policy No. 41 — Low Income Property Tax Exemption Policy — full text

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1 Policy No. 41 "Low Income Property Tax Exemption Policy" POLICY NO. 41 LOW INCOME PROPERTY TAX EXEMPTION POLICY _______________________________________________________________________________ 1. PURPOSE 1.1 Pursuant to Section 69 of the Municipal Government Act, the Council of the Municipality of the District of Barrington wishes to provide a tax exemption for low income earners. 2. POLICY DETAILS 2.1 Applications will be accepted until September 30th of each year. 2.2 To qualify for the low income property tax exemption, a property owner's gross income from all sources, including incomes from all persons residing within the home, must be consistent with income levels indicated in Section 2.6 and appear on line 150 of their Notice of Assessment from Canada Revenue Agency received the previous year. (Applications received in 2020 must be accompanied by the Notice of Assessment for 2018.) Household income shall exclude any allowances paid pursuant to the War Veterans Allowance Act (Canada) (federal war veterans' pensions) or pension paid pursuant to the Pension Act (Canada) (death and disability pensions for veterans and their dependents). Proof of income must be provided by all persons residing within the home by providing their Notice of Assessment from Canada Revenue Agency as indicated above. The application must be signed by the property owner attesting that the information provided is correct to the best of their knowledge. 2.3 To qualify for the exemption, a property owner's previous year's rates and taxes must be paid in full at the time of their application. 2.4 This exemption shall only be available for property owners where the property is their primary residence occupied by him/her. 2.5 Property owners shall be eligible for an annual property tax exemption according to the following income levels and amounts (exemption granted will not exceed amount owed): a) For those making between $0 - $25,000, the grant exemption would be $400 2 Policy No. 41 "Low Income Property Tax Exemption Policy" b) For those making between $25,000.01 - $30,000, the grant exemption would be $300 c) For those making between $30,000.01 - $35,000, the grant exemption would be $200 d) For those making between $35,000.01 - $40,000, the grant exemption would be $100 2.6 The current levels of income will increase by 1.5% each year for five years, at which time or before the income levels will be reviewed by Council. 2024/25 2025/26 2026/27 2027/28 2028/29 Income 25,000 25,375 25,756 26,142 26,534 Income 30,000 30,450 30,907 31,370 31,841 Income 35,000 35,525 36,058 36,599 37,148 Income 40,000 40,600 41,209 41,827 42,455 3. EXCEPTION 3.1 Where the death of a spouse occurs, the spouse's income shall not be included in the total income reported on the Low Income Property Tax Exemption Application form subject to the applicant providing a copy of the Death Certificate. . 3 Policy No. 41 "Low Income Property Tax Exemption Policy" Clerk's Annotation for Official Policy Book Date of Notice to Council members of Intent to Consider May 14, 2023 Date of Passage of current Policy May 28, 2024 I certify that Policy No. 41 "Low Income Property Tax Exemption Policy" was amended by Council as indicated above. ____________________________________ _________________________ Chris Frotten Date CAO VERSION LOG Version Number Amendment Description Approved By Approval Date 1 Approved Policy of Council Council October 2, 2017 2 Sections 1.2, 1.5 and 1.6 Council May 24, 2022 3 Amended Section 2.2 Re: War Veteran's Allowance and new Section 3 Exception Council May 23, 2023 4 Amended Section 2.5 a,b,c,d and Section 2.6 Council May 28, 2024 4 Policy No. 41 "Low Income Property Tax Exemption Policy"