Learn more about property tax, how it is calculated, billed and payment methods.
What are tax rates?
Tax rates determine how much property tax you pay, based on the assessed value of your property.
The property tax rate is different depending on the class of property you own.
How the municipal tax rate is set
When the annual budget is adopted by Council for the current year, they pass a Property Tax Rate By-law.
These By-laws establish a tax rate for every taxable property classification based on:
the budget requirement (tax levy)
the property assessments returned by the Municipal Property Tax Assessment Corporation
The tax rate is calculated by dividing the tax levy requirement by the amount of property tax assessment to come up with tax rates for each class of property.
The Province of Ontario levies an education tax rate on all taxable properties. The rate is set by the Province and the Town is required to collect these taxes and forward them to the Province.
Interim and Final tax bills
Property taxes are billed twice per year. The Interim Tax Bill is mailed in March with instalments due on the last business day in March and May. The Final Tax Bill is mailed in July with instalments due on the last business day in July and September.
Interim Tax Bill
Your interim tax bill is calculated by taking 50% of your previous year’s Total Taxes Levied, plus any balance on the account as of the billing date.
Final Tax Bill
Once Town Council has approved the annual budget, the property tax rates for the current year are established. Your current year’s Total Taxes Levied is calculated by taking the current year’s approved tax rates x the current year’s assessment value of your property. Your final tax bill simply taxes your current year’s Total Taxes Levied minus (-) Interim Tax Bill plus (+) any balance on the account as of the billing date.
For a full explanation on how to read you tax bill, click here.
What options are available to pay my property tax?
The Town of Moonbeam offers five convenient ways to pay your property taxes:
Pre-authorized debit payment plans
At a bank
By telephone or computer banking
In person at a Municipal Service Centre
For more details on payment methods, click here.