The Town of Midland has written to the Prime Minister outlining a financial aid plan it thinks would help homeowners and businesses through the Covid-19 crisis.
It includes waiving 25 to 100 percent of property taxes this year, depending on the value of the property; same for industrial, commercial and farm properties:
- Waive 100% of the 2020 property taxes for all residential properties currently assessed at or below $ 500,000.00 by the Municipal Property Assessment Corporation (MPAC)
- Waive 50% of the 2020 property taxes for all residential properties currently assessed below $ 1,000,000.00 by MPAC
- Waive 25% of the 2020 property taxes for all residential properties currently assessed above $1,000,000,00.
Industrial, Commercial and Farm Properties
- Waive 100% of the 2020 property taxes for all; industrial, commercial and farm properties currently assessed at under $ 10,000,000.00 by MPAC
- Waive 50% of the property taxes for the year 2020 for all industrial, commercial and farm properties currently assessed between $10,000,000.00 and $ 50,000,000.00 by MPAC
- Waive 25% of the property taxes for the year 2020 for all industrial, commercial and farm properties assessed above $50,000,000.00.
The plan also involves federal transfer payments to municipalities in the form of one-time grants to address extraordinary circumstances.
“The Town, like every other municipality, wants to alleviate the stress and financial concern of our residents and business community as much as possible during this pandemic,” said Mayor Stewart Strathearn. “What we are proposing is a simple but effective solution to provide financial and psychological relief to Canadians.”
The town believes there are many advantages to these proposals:
- Quick and timely relief
- Direct relief to all Canadian homeowners and the business community
- Directly protects Canadians who although may be solvent, are unable to easily meet the financial pressures beyond their personal capacity due to COVID-19
- No additional resources required to assess individual need and delivery of the relief
- Negligible overhead costs for the disbursement of the relief. In fact, it may cut down on some of the work for municipal staff
- The financial stimulus received from the federal government will come into circulation immediately and will stay in the community.
“Canadians enter this time of crisis with a high amount of house-hold debt, and many in our region are no different,” said CAO Amanpreet Sidhu. “This simple step we are proposing should alleviate some of this financial pressure and allow for residents and businesses to focus on more important matters during this time. We hope that the Prime Minister and the Federal Government will agree with us.”