Bylaw 09.12 to establish the Tax Rates for 2012
At the regular meeting of Council held on April 23rd, administration presented the tax rate bylaw 09.12. The report to Council included two options for the 2012 tax rates for their consideration.
Council passed the first two readings for bylaw 09.12 based on option one, which provides for a 4.6% increase in tax dollars collected for both the residential and non-residential sectors. This includes a 3% cost of living increase plus a 1.6% new growth allowance. This option prevents large fluctuations in the tax rates between the two sectors, providing for a more stable change from year to year.
The second option proposed an increase based on mill rate, which would require a 5.26% increase in taxes collected for residential and a 3.46% increase in taxes collected for non-residential ratepayers. Option two could create large fluctuations between the two sectors in years where there is a large shift in assessments.
The impact on Rate Payers are as follows:
· An average residential property of $183,573 of 2011 assessment was levied $1,269.01 in municipal taxes. An average residential property of $189,949 of 2012 assessment would be levied $1,326.93 in municipal taxes, an increase of $57.92.
· An average non-residential property of $309,217 of 2011 assessment was levied $3,338.36 in municipal taxes. An average non-residential property of $317,393 of 2012 assessment would be levied $3,523.07 in municipal taxes, an increase of $184.71.
Council passed third reading to this bylaw during the May 7th Council meeting.
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Ray Romanetz, P.Eng, CAO