Finance and Audit Talks Taxes
Prince George, B.C.- The Finance and Audit Committee of the City of Prince George will meet this morning to talk about assessments and possible tax rates.The previous council developed a budget that required a 2.5% increase. In order to achieve that boost, The Finance and Audit Committee will look at three options presented by staff.
Option one would see residential tax rate set to collect the needed 2.5%, and the balance of the revenue needed by increases to Business, Major Industrial Light Industrial and Farm tax rates.
It means a home that was assessed at $223,403 last year paid $1,780 in taxes. That same home is now valued at $230,216 and taxes would be $1,825.00 for 2015.
Option 2 outlines the same rate for residential, but makes some adjustments to other classes.
Option 3 Increase the Residential and business tax rates, and decrease the Major industry rate.
No matter what the Finance and Audit committee decides, it will be Council that will make the final determination.