Mix of Increases and Decreases for Property Taxes

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Mix of Increases and Decreases for Property Taxes

Rural non-residential properties are seeing a decrease in their tax rate.

On Tuesday, council approved the 2017 Property Tax Rate Bylaw which included a two per cent reduction in these rural properties. The biggest reasons for the change is the economy and impact of the wildfire.

Recent property assessments will determine the amount of taxes other classes will pay for 2017.

If a property’s assessment lost over 11 per cent of its value, they could see a decrease in taxes. However, if values have stayed virtually the same, properties could see an increase in their taxes due to the province raising their education tax.

Residential properties will see an 11 per cent increase while non-residential will see a 12 per cent rise.

As for municipal property taxes rates, they will either stay the same or be decreased. This will also be determined by the property’s assessment.

If a lot has lost some of its value, their taxes will be decreased. If the assessment is within 11 per cent of 2016, their tax rate will stay the same for the remainder of the year.

Meanwhile, homes destroyed or irreparably damaged will continue to see tax support for both the municipal and education sides.

The municipality has provided $7.1 million for the property taxes while the province is sending $2 million to help cover 2017 the education portion.
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