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City approves tax structure

Apr 19, 2011 | 6:57 AM

After months of back and forth between council and the city’s administration, city council has finally decided on what residents and businesses will pay in taxes.

From the city’s bylaw documents, here’s how the taxes will break down.

The city will increase the general mill rate by 3.25 per cent to 19.752 and, as in previous years, will continue to charge an additional mill as a capital levy to pay for the Alfred Jenkins Field House.

On top of that, the city will now tax vacant lots based on their zoning shown here:

 

Type of vacant lot
MinimumTax

Residential
$625

Condominiums
$625

Multi-Family, $50,000 or less
$1,250

Multi-Family, $50,000 or more
$2,500

Commercial, $50,000 or less
$1,250

Commercial, $50,000 or more
$2,500

 

Every property in the city will now also have to pay a minimum tax, regardless of its value. For residential properties, it’s a fairly simple calculation and looks like this:

 

Type of residence
MinimumTax

Single Family
$60

Condominium
$60

Multi-Family, per unit
$20

 

Businesses have the most fundamentally different taxation this year as not only is a minimum tax being implemented, but it will also be implemented on a sliding scale, where larger businesses pay higher taxes.

That scenario breaks down as follows:

 

Value of business' property
Minimum tax

$150,000 or less
$300

$150,001 to $300,000
$600

$300,001 to $450,000
$900

$450,001 to $600,000
$1,200

$600,001 to $750,000
$1,500

$750,001 to $900,000
$1,800

$900,001 to $1,050,000
$2,100

$1,050,001 to $1,200,000
$2,400

$1,200,001 to $1,350,000
$2,700

Over $1,350,000
$3,000

 

According to the city, the intent is to allocate additional funds to reserves for future infrastructure needs.

With the passing of the tax bylaw, residents can expect tax notices to be delivered shortly.

adesouza@panow.com