Tax Rate Approved
By 250 News
City Council has approved the tax rate for 2006, and while the spending is up 3.39%, the actual increase to municipal tax bills can only be calculated once the increase in assessment has been taken into account.
Councillor Don Zurowski says under option "C" the average increase will be $48 per single family dwelling. He says there may actually be a net decrease for some homeowners, as there has been an increase in the home owners grant,
The City notes, assessments of all properties in Prince George are up by, on average, 13.76% with residential leading the way with an increase of 16.18%
Next in line is Major Industry which is up by (on average) 8.26%, then Business properties which increased by 7.19% and Light industry trails with an increase of 4.52%
According to City Hall, the rate chosen (option "C" of 5 different scenarios) will produce the following examples of tax increases for single family dwellings with varying assessments:
Street | 2005 tax | Option "C" taxes | % change |
Norwood | $582.61 | $714.00 | ^22.6% |
Heritage | $1800.00 | $1894.09 | ^5.2% |
Austin Rd. | $2299.35 | $2414.04 | ^5.% |
Vista Rdge | $2326.30 | $2348.12 | ^0.9% |
The growth in the residential assesments has been so high, the mill rate has been cut nearly in half. It had been more than 19, the new rate is 9.28476 per one thousand dollars of assessment. The lowest the mill rate has been since 2000.
According to Mayor Colin Kinsley the tax increase is the second lowest in the province.
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