Question 1

What is the property tax rate in Faraday?

Accepted Answer

The residential property tax rate in Faraday is 1.3353%. For an average home assessed by MPAC at $269,019, the estimated annual municipal property tax bill is approximately $3,592 per year. This revenue funds local frontline municipal services including emergency protective services, road infrastructure, public transit, and community recreation.

Question 2

How much does Faraday spend per resident on municipal services?

Accepted Answer

Faraday spends approximately $2,801 per resident annually across all municipal departments, based on an audited annual municipal operating expenditure of $4.5M serving a population of 1,615. Key expenditures include protective emergency services (police, fire, paramedics), transportation and roadways, environmental water and waste management, and parks and recreation.

Question 3

What is the financial health and debt score of Faraday?

Accepted Answer

Faraday holds an audited Fiscal Health Grade of B (Score: 80/100). The municipality carries approximately $776 in accumulated debt per resident compared to $6,920 in capital reserves, maintaining an Annual Repayment Limit (ARL) debt-servicing ratio of under 10%, comfortably within Ontario's 25% provincial statutory ceiling.

Question 4

Where does the municipal data and financial benchmarks for Faraday come from?

Accepted Answer

All financial intelligence for Faraday is compiled directly from official, audited Financial Information Returns (FIR Schedules 10, 40, 60, and 74) submitted annually to the Ontario Ministry of Municipal Affairs and Housing (MMAH), verified against Bank of Canada Consumer Price Index (CPI) benchmarks.

Faraday Municipal Financial Hub & Civic Vitals