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# Property Taxes
## Municipal
Terrace Bay's municipal tax rates are set by council and municipal staff in the annual budgetary process.
For a breakdown of the municipal tax rates click here.
**Tax Billings:** The tax bills are sent out twice yearly. For more information, contact the Municipality at 807-825-3315.
## Annual Tax Bill Due Dates
The following dates will remain the same each year.
**Interim Tax Bill**
First Installment: March 31
Second Installment: April 30
**Final Tax Bill**
First Installment: September 30
Second Installment: October 31
## Changes to Legislation
**Tax Arrears (2 Years)**
Please be advised that Bill 68, Modernizing Ontario's Municipal Legislation Act, 2017 ("MOMLA") is now law. It passed and received royal assent on May 30, 2017.
Previously, a tax arrears certificate could be registered if there were arrears owing on January 1 of the third year following that in which the taxes became owing (Municipal Act, 2001, s.373(1)). In other words, if there were arrears owing from 2014 or earlier, a tax arrears certificate could be registered after January 1, 2017.
A tax arrears certificate can now be registered if there were tax arrears owing on January 1 of the second year following that in which the taxes became owing.
In other words, if there are arrears owing from 2016 or earlier, a tax arrears certificate can be registered after January 1, 2018.
The Municipality prefers not to exercise this tax sale option and would rather work with its property owners to resolve the outstanding arrears. Tax Sale procedure starts with the registration of a tax arrears certificate on the title to your property.
If you have any comments, questions or concerns regarding the above noted matter, please contact the undersigned.
**Danny Mulligan**
Treasurer/Deputy Clerk
**Phone:** 807-825-3315 x 7107
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## Provincial
The basic corporate income tax rate is 11.5% on taxable income allocated to Ontario. For more information on provincial tax rates, please visit the Ontario government website which has the following corporation tax information outlining the capital tax, corporate income tax, and corporate minimum tax.
## Federal
Information on federal tax rates for small businesses and corporations can be found at the business section of the Canada Revenue Agency website.
## MPAC Assessment
Enquiries about Property Assessment Notices and assessment matters in general may be directed to the Customer Contact Centre at 866-296-MPAC (6722) or 877-889-6722 (TTY). Additional information is also available on mpac.ca.
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