For Immediate Release
May 31, 2001

Joseph Pennachetti
Treasurer and Commissioner of Finance
Region of Peel
905-791-7800, Ext. 4258

Region Requests Meeting with Finance Minister
Over Provincially Announced Education Rate

(Brampton) - Regional Council today unanimously supported a resolution to request a meeting of the Regional Chairs and Mayors with Ontario Finance Minister James Flaherty, over provincially announced education tax rates that will generate a net tax increase of $3.8 million for Peel residents and ratepayers. This translates into an estimated $10.3 million increase for residential properties, or approximately $43 per household in Peel, and a decrease of approximately $6.5 million for industrial and commercial properties.

"The Region of Peel does not have control over the education rate," says Joe Pennachetti, Treasurer and Commissioner of Finance at the Region of Peel. "Our 2001 Current and Capital Budget committed the Region to a no tax impact budget, and that is what we have delivered. A meeting with the Minister of Finance has been requested to express our concerns regarding a significant tax impact on Peel residents, that has resulted directly from tax policy decisions made by the Ontario government."

The provincial education rate impact of approximately $10.3 million will result in an increase of $19 per $100,000 of assessment - or approximately $43 per average household ($232,000 average assessment).

Peel's residential assessed values are up on average approximately 16 per cent. However, the province reduced the education "rate" by only about 10 per cent, thus taxes are increasing by approximately 4.5 per cent.


Communication Services, 10 Peel Centre Dr., Brampton, ON L6T 4B9
Phone: 905-791-7800, Fax: 905-791-0595 , e-mail

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