City Council Recommends 2.5% Property Tax Increase
Prince George, B.C. – Prince George City Council has unanimously recommended a 2.5% property tax increase for 2015.
It means business, major industrial, light industrial, and farm tax rates will increase by 1.07%.
“Nobody likes a tax increase but it’s fair, as fair as it’s going to get,” said councillor Terri McConnachie,” a sentiment echoed by veteran councillor Murray Krause who said, “splitting hairs doesn’t accomplish much.”
Financial Planning manager Kris Dalio was quick to point out that the 2.5% increase won’t mean all property bills will look the same.
“That will depend on each home’s assessed value,” said Dalio.
Council considered two other tax scenarios tonight: Option 2: Starting from option number 1, set major industrial tax rate to $46.00/thousand and obtain the remaining tax revenue by increasing the business, utility, light industrial and farm tax rates.
Option 3: Starting from option number 1, reduce major industry tax rate to $46.00/thousand and obtain the remaining tax revenue by increasing the residential tax rates.
Council needs to bring in $89,889,242 in tax revenue this year.
Council is expected to officially approve the tax hike at its next general meeting scheduled for April 27.