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2.58% increase in city tax rate
On Thursday, council adopted the City of Cranbrook’s Tax Rates Bylaw that will see a 2.58% overall increase in 2015.
In order to maintain the current service levels expected by residents, the city needs to raise about $23,875,864 in General Municipal Property Taxes to balance its General Fund. The tax rates proposed in this bylaw will raise the $23 million in General Municipal property taxes and increase city taxes by $591,140 (2.58% after adjusting for non-market change).
“I’m pleased with this year’s tax rate,” said Mayor Lee Pratt. “I want to thank council, CAO Wayne Staudt, Charlotte Osborne our Chief Financial Officer and all city department heads for controlling this increase while continuing to provide all city services at the same level as last year. Citizens will also notice an increase in roadwork resurfacing and pothole repair as well as the continuation of the one per cent dedicated road tax, all of which is included in the 2.58% increase. This is a huge decrease from the previous 2015 budget forecasting a tax increase of 5.77%. A job well done and a sign of spending our tax dollars more wisely and delivering on our election campaign promises.”
Council sets the municipal tax rate for each class of taxpayer (residential, business, light industry, etc.) after the Five Year Financial Plan has been adopted. The 2015 tax rate for residential taxpayers is $7.45 per $1,000 of assessed value versus $7.35 per $1,000 of assessed value in 2014.
Other agencies like the Regional District of East Kootenay, Kootenay East Regional Hospital District and the school districts also set their tax rates based on the services they provide to residents of Cranbrook. The combined 2015 residential property value tax rate is $10.30 per $1,000 of assessed value versus $10.22 for 2014.
A copy of Cranbrook Tax Rates Bylaw 3825, 2015 is available at city hall for information or by viewing on the city’s website – www.cranbrook.ca
City of Cranbrook
