One of my readers had a few questions about the proposed Innisfil budget so I’m taking a little time to provide answers … and a little more.
Statistics Canada put Innisfil’s population at 36,566 in 2016. Innisfil’s average gross household income is $107,643. Median after-tax income of two-or-more-person households in 2015 was $81,984. However, high-income earners skewed the average income higher to $93,000 after tax.
The Household Assessment
The draft budget says the “typical” Innisfil property Is assessed at $423,000 in 2019 and will be assessed at $446,000 in 2020. Waterfront properties have an average assessed value of $758,000.
“About 11,100 housing units are forecast to be constructed from 2015 to 2034. The forecast composition of the new units – 61% single and semi-detached units, 17% row units, and 22% apartments – is a reflection of the housing required by family forming in-migrants and, in the case of Friday Harbour, second home owners.
The higher rate of household growth compared to population growth is predicated on a slight decline in occupancy levels in existing housing.
… the majority of new housing (5,272 units or 48%) is to be built in the Alcona service area, which incorporates developments in Alcona proper as well as at Leonard’s Beach, Sandy Cove, and the Big Cedar Point Shoreline. Substantial housing is also anticipated in the Friday Harbour (in the near-term), Lefroy-Belle Ewart, and Alcona South (Sleeping Lion) service areas.” (Long Range Financial Plan, Town of Innisfil – Hemson Consulting, Feb. 2016)
Industrial / Commercial Assessment
Innisfil’s assessment base is almost entirely residential. Including farms, 92.5% of property assessment value is classed as ‘Residential’. Just 6.3% of property assessment is classed as Commercial. Industrial assessment makes up 0.8% of the total.
The 2019 total proposed tax levy is $34.9 million, so we can estimate that $2.47 million is from industrial and commercial assessment.
The 2019 draft budget indicates that the average 2018 Commercial tax assessment in 2018 was $3.18 / square foot. The average Industrial tax assessment in 2018 was $1.97 / square foot.
Hemson Consulting estimated that employment would increase over 20 years (from 2014 to 2034) from 9,300 to 14,000. About 56% of employment in 2034 is estimated to be in Commercial spaces, and 41% in Industrial space. Accordingly, Commercial space would increase to 143,000 square metres in 2034 and Industrial space would occupy 164,700 square metres. Calculating from existing average assessment rates, this would yield about $8.3 million in property tax in 2034.