Town Council has adopted a Financial Plan for 2016-2020 that will result in a municipal tax increase of 0.81% for 2016. There are no changes to Utility rates for this year.
The Draft Financial Plan for 2016 started out with a general tax increase of 2.72%. Staff and Council worked successfully to reduce this impact to less than 1%, without sacrificing any of the services that are so important to area residents and businesses. Even with this low increase, the Financial Plan supports Council’s strategic initiatives, as identified through strategic planning sessions held in late 2015.
The net impact of the tax increase on the average residential property’s tax bill is about $11 per year, or less than $1 a month. Municipal taxes make up about half of the total tax bill for the average residential property. Increases in the other levies collected on the property tax bill are not yet finalized, but are estimated at about $12 more, for a total impact of about $2 per month. As always, the tax increase for any individual residence will vary depending on its assessment change relative to the average home value, which is about $441,167 this year.
Total municipal taxes for the average residence are about $1,368 per year, or $114 per month. For this monthly amount, the Town provides fire and police services, roads maintenance, parks and public space maintenance, community and emergency planning, bylaw enforcement, as well as a range of related community services. While many of these services may be taken for granted, the value received for $114 per month compares favourably with many common utility bills, not to mention the average monthly strata fee.