The operating and capital budget was approved by Council on January 29, 2020, and the tax rate bylaw for 2020 was approved by Council on May 12, 2020. The 2020 budget value is $19.4 million compared to the 2019 value of $19.6 million.
What impact does the budget have on taxes?
The average residential ratepayer will see a 0% increase to municipal taxes on their tax notice. However, this may vary for properties that have experienced an increase or decrease in market value.
The average non-residential commercial ratepayer will see a 0.88% increase on their tax notice; however, Council has passed a tax incentive bylaw that will result in a 5% reduction based on the first $500,000 of assessment.