Wednesday, April 13, 2016

Heavy-industry tax break will hit Kamloops homeowners

By: Andrea Klassen in Municipal Government, News April 12, 2016
Heavy industry in Kamloops will get a $550,000 tax cut in 2016. At a budget meeting on Tuesday morning, city council voted to shift some of the city’s property-tax burden from Domtar, Lafarge and Tolko and onto residential ratepayers. The shift, coupled with other increases this year, will hike the tax bill for the average homeowner by $58 on a house worth $351,000. Heavy industries in the city have complained for years their tax rate is far too high compared to other communities in the province. While the city has frozen the mill rate (the amount of money per $1,000 of assessed property) paid by the three companies for several years, it is still above the provincial average. With Tuesday’s cut, heavy-industrial ratepayers will pay $74 per $1,000 of assessed value. Finance director Kath Humphrey told council the community with the next-highest rate in the province charges industries $53 per $1,000 of assessed value. (more)

No comments: