(Earlier Post) Light Industrial and Utilities tax Ratios: The report on these ratios that will address a 15 year tax holiday for properties in these classes will be given to the council in early October. Hopefully we will see a thorough debate at an open council meeting of this important item. The building of a new Control Centre in Vernon make this a million dollar question. The manipulation of the business tax ratio at the expense of ONLY the residential taxpayer should become a relic of the past.
(new Post)
The report from the finance manager was presented at Finance Committee on Tuesday and will be forwarded on to the full council for debate, hopefully this Monday. I have not seen the written details of the recommendation in this report but it will acknowledge that under all the various analytical methods used Vernon's ratios are well below where they should be. The resolution passed by the finance committee seems to be to move the ratios upwards to a more acceptable and fair rate over a two year phase in period.
I will be presenting a critique of this report when it is posted on the City's website. The initial figure of $160,000/year seems reasonable but might be a little low while there was no indication of the magnitude of the taxes that will be gained when the $21 million Hydro Control Centre comes on line. Remember that these classes had a tax advantage for over 10-15 years at the expense of all classes including the business and residential taxes.
Remember last year 1% tax increase is equal to $142,000.
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