CORNWALL, Ontario – In a press release sent to the media on Tuesday, Feb. 7, the City of Cornwall announced that due to a re-assessment by MPAC of a property at 1330 Optimum Drive, the City was required to reimburse the property owner, Shoppers Realty Inc. nearly $275, 000 in collected taxes.
The Municipal Property Assessment Corporation (MPAC), which provides the property assessment values that municipalities must use to formulate their tax rolls, originally assessed the Shoppers Realty property at a value of a little over $55 million for the taxation years of 2013-2016. Through an appeal process, Shoppers Realty’s assessment has been lowered to an even $44 million.
This means that the City of Cornwall owes Shopper’s Realty nearly $275, 000 in collected taxes for those years.
“The City of Cornwall anticipated that there would be adjustments to assessment values within this sector and has made contributions to a tax stabilization reserve. This refund will be funded through this reserve,” said Tracey Bailey, General Manager, Financial Services and Treasurer.
Bailey told the Seaway News that this amount would be paid out in one lump sum. She also said that it cannot be assumed that the other MPAC re-assessments that the City is waiting on will end in the same result as this one.
Both Materus and Walmart Canada Corp. are appealing MPAC’s assessment of their property values for 2013-2016 as well.
“Shoppers is an important corporate citizen that supports our community through employment, property taxes and numerous other economic spin-offs,” added Mark Boileau, General Manager, Planning, Development and Recreation
The City’s press release went on to state that all property owners have the right to appeal their assessed value if they feel it is not accurate.
