Grey County council has approved dropping the farmland tax ratio to 21.8 per cent of the residential property class.
That's a decrease of 2.2 per cent from 2019.
The change still needs by-law approval.
Grey County Warden Paul McQueen said the decision to lower the farmland tax rate solidifies council's support for local agriculture. And added farmers will have more stability in their tax bills this year as higher land values continue to be phased in.
The change in the rate will save the approximately 7,615 farm class tax properties $219,839 in county taxation. This amount will be shifted to other tax classes. The largest portion, $187,847 will be shifted to the residential tax class. This equals about $4.08 of a county tax increase on a residential home valued at $300,000.
In 2020, Grey County's budget calls for the collection of $59.8 million.