Question 1

What is the property tax rate in Terrace Bay?

Accepted Answer

The residential property tax rate in Terrace Bay is 3.3669%. For an average home assessed by MPAC at $77,235, the estimated annual municipal property tax bill is approximately $2,600 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 Terrace Bay spend per resident on municipal services?

Accepted Answer

Terrace Bay spends approximately $5,230 per resident annually across all municipal departments, based on an audited annual municipal operating expenditure of $8.0M serving a population of 1,528. 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 Terrace Bay?

Accepted Answer

Terrace Bay holds an audited Fiscal Health Grade of B (Score: 80/100). The municipality carries approximately $561 in accumulated debt per resident compared to $3,930 in capital reserves, maintaining an Annual Repayment Limit (ARL) debt-servicing ratio of 4.5%, comfortably within Ontario's 25% provincial statutory ceiling.

Question 4

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

Accepted Answer

All financial intelligence for Terrace Bay 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.

Terrace Bay Municipal Financial Hub & Civic Vitals