By Matthew Murray [1]
QUINTE WEST – Farmland value is on the rise in Quinte West, the Municipal Property Assessment Corporation [2] told city council Monday night.
High demand for good farmland and low interest rates are the cause for the jump in values, Catherine Barr, account manager for the Hastings, Northumberland and Prince Edward County area, told Quinte West council.
The value that MPAC assigns to a specific property is based on the sales of similar farmland, Barr said. These values are then provided to the government and municipalities so that they can determine property-tax rates to meet city needs.
More to come.