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Sharp rise in farmland prices Richard. m ahone y @eap.on.ca Death, taxes and rising far m land prices. The latter has been added to the list of life’s certainties as the value of agricultural properties has continued to shoot up across eastern Ontario. Over the past four y ears, the value of Prescott-Russell far m land has m ore than doubled, according to the Municipal Prop- ert y Assess m ent Corporation. During the sa m e ti m e, MPAC relates, the value of far m propert y in Stor m ont-Dundas-Glengarr y has increased b y about 70 per cent. The increases are part of a growing trend across the province. According to Larr y Hu mm el, MPAC’s Chief Assessor, since 2008, values increased for all categories of agricultural land in ever y area of the province. The increase is based on a nu m ber of factors including that far m land in m an y parts of the province re m ains in high de m and. Across Ontario, during the first half of 2012, far m land prices in Ontario increased b y 16.3 per cent, sa y s the Far m Credit Cor- poration. That co m pares with a 6.7 per cent in- crease in far m land prices in Québec during the sa m e period. De m and for arable tracts has fueled a decade-long upward m ove m ent in prices, with an acre now going for between $6,000 and $8,000. This fall, propert y owners have been re- ceiving notices fro m MPAC, which sets the value of properties for ta x purposes. In Prescott-Russell, the evaluation of far m land has increased b y appro x i m atel y 109 per cent since 2008. With the four- y ear phase-in, propert y ta x pa y ers will see an av- erage increase of appro x i m atel y 27.4 per cent in 2013. The evaluation is co m bined with the ta x rate to produce the final ta x bill. Far m land assess m ent in Stor m ont, Dun- das and Glengarr y has increased b y 71.9 per cent over the last four y ears. With the four- y ear phase-in, propert y ta x pa y ers will see an average increase of appro x i m atel y 18 per cent ne x t y ear. Under Ontario law, far m ho m es and one acre of propert y on which the ho m e sits are ta x ed at the sa m e rate as residential prop- ert y in the m unicipalit y . The m a x i m u m ta x rate for far m land is 25 per cent of the resi- dential ta x rate and m unicipalities can ad- just the ta x rate so that it is lower than 25 per cent of the residential rate.
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