The
2014 Tax Rate Bylaw that was given third reading last week represents a win-win
proposition for all taxpayers.
Tax
revenues collected by the town in 2014 will increase by 2 percent; a win for
the town!
However the average home owner and small business owner will see a
small decrease in their property tax bills; a win for the tax payers! Sounds
too good to be true?
This
fortuitous situation has arisen as a consequence of correcting the mill rate
for Class 2 properties to 40, the maximum allowed under the community charter,
combined with an increase in Class 2 market value.
Class
2 properties, owned by utilities such as BC Hydro and Telus, will pick up
approximately $44k of the $86k tax increase for 2014. The rest of the tax
increase will be picked up by new properties, resulting in the average
pre-existing Residential (class 1) and Small Business (class 6) experiencing a
small decrease.
For
more background see my blog “Revenues Lost!”
The
opinions expressed in this blog are my personal opinions and may not represent
the opinions of other councillors nor the opinions of council.
