Meanwhile, Peterborough County is mulling an adjustment of the farm tax rate, after the Municipal Property Assessment Corporation (MPAC) pushed farmland values in the county up by an average of 120 per cent over the next four years.
The assessment would mean a spike in farm property values by 30 per cent each year, and unless the farm tax rate is adjusted, farmers can expect a similar adjustment hike to their property taxes. Across Ontario, MPAC increased farmland assessments by 16 per cent per year over the next four years.
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