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The total tax rate is made up from three different tax rates - the Township, the County of Lanark, and the Boards of Education.
These independently calculated tax rates combine to make up your Total Tax Rate.
In 2022, the breakdown of the residential tax bill in terms of funds raised is as follows:
- County of Lanark 38%
- School Boards 15%
- Township 38%
- Policing 8%
- Hospital 1%
Tax Calculation
This Total Tax Rate is multiplied by your current property assessment value to determine the amount of your annual taxes. Tax Rates are not usually determined until late spring because of the timing of the budgeting process for the three entities involved.
In Tay Valley, an Interim and a Final tax bill is issued. The Interim Taxes are based on 50% of the property taxes billed the previous year.
The Final Taxes will be calculated as follows:
Current Year's Assessment x Current Year's Tax Rate - Interim Billing = Final Taxes
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