Update on City Taxes for 2009

I had originally posted a Cheatsheet for 2009 taxes. There I had posted mill rates for both Residential and Business taxes for the City's portion of taxes in 2009.

The Rates bylaw received 3 readings at April 14 Council Meeting and will probably received final reading at the Next Council meeting. The Mill rate Changes from my original cheetsheet are fractionally higher and were the result of using the final assessments totals for 2009 that were reduced slightly from 2008 assessments totals. (despite the Provincial freeze. ) This does NOT figure out your School taxes, Nord Taxes, Hospital taxes or Library and taxes for MFA and BC assessment or any specified areas taxes which all appeared on your 2008 tax bill. (Rates will be finalized at next council meeting)

To calculate your city taxes for residential purposes:
2.51913 times your total property assessment divided by 1000. PLUS
.0048 times your total improvements only divided by 1000.

To calculate your city taxes for business purposes:
7.6865 times your total property assessment divided by 1000. PLUS
.0146 times your total improvements only divided by 1000.

• Compare it to your 2008 tax bill for the sections "General City taxes AND Fire Protection (Add the two totals together to get 2008 taxes)
  
• The difference is how much the City Part of your taxes will go up or down for 2009.

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For example a Residential property assessed at $546,000 with land valued at $232,000 and improvements at $314,000 would have the following City Taxes:
2.51913 x 546,000/1000 = $1375.44 PLUS
.0048 x 314,000/1000 = $1.51
TOTAL City Taxes 2009 = $1376.95

In 2008 this property paid $1,356.33 in City Taxes
This is a 1.52 % Increase for THIS PROPERTY. ($20.62)
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Tax Caveat:
Every property is effected by the tax rates in a different manner and is dependent usually on the amount that its assessment is up as compared to the average assessment increase. As the Province froze assessments this year (in most cases) this should not be a major factor in this years calculation . The major difference this year is how much Land you have in comparison to the average Land component of the average property. (The average 2008 $418,676 property has 35.78% Land and 64.22% Improvements) As fire taxes will now be charged on Land also your taxes will rise or fall dependent on your deviation from the average.
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The City will be posting a tax calculator on their website so you can compare your tax increase or decrease. Until then the foregoing manual calculation method will have to suffice.