2007 Tax Rates Bylaw. Final reading will occur the following Monday at the regular Council Meeting. The only hope for the residential taxpayer is for the Council to decide to fund their $275,000 in additional taxes by dipping into last years operating surplus. (Don't hold your breath)!Click on Chart to enlarge
The original tax rate proposal would have increased the tax revenues raised by the city by $874,773 of which $575,342 would have come from Growth and $299,431 from a general tax increase to all classes of 2%.
- The proposal to change the business tax ratio from 3.02 (as per original shakeout) to 2.75 will result in additional non growth taxes to the residential class of $275,000 and a reduction in taxes of $411,700 to the business class. ($136,700 balance comes from utilities and industrial classes.)
- This will result in the residential class taxpayer contributing an additional $703,117 or 7.43% increase of which 2.48% will come from growth and 2.1% from original tax increase and 2.85% will come from a manipulated tax rate increase.
- Consequently the business class will have a increase in taxes of $32,057 (.64%)of which there is an increase of 7.32% due to growth and 2.1% from original tax increase and a reduction of 8.7% due to a manipulated tax rate decrease.
(Due to this manipulation) The owner of the average $287,000 property will pay $28 more and the average business valued at $570,000 will save $318. ( Of course the big bank property valued at $3,000,000 will save $1675.
Manipulation Definition: to manage or utilize skillfully (webster) also Artful management; as, the manipulation of political bodies
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