Home »
2.3% tax increase for 2016
City of Cranbrook council this afternoon adopted the city’s Tax Rates Bylaw that will see a 2.3% overall increase in 2016.
In order to maintain the current service levels expected by residents, the city needs to raise $24,472,398 in General Municipal Property Taxes to balance its General Fund. The tax rates proposed by this bylaw will raise $24,472,398 in General Municipal Property Taxes, increasing city property taxes by $549,075 (2.30% after adjusting for ‘non-market change’ of $88,563).
“I am pleased with this year’s tax rate,” said Mayor Lee Pratt. “I want to thank council, Charlotte Osborne, our Chief Financial Officer and her team’s efforts in our budgeting process. Also a big thank you to all department heads for controlling this small increase while continuing to provide all city services at the same level as last year. Citizens will also notice a continued increase in roadwork resurfacing and pothole repair as well as the continuation of the one per cent dedicated road tax which is included in the 2.3% increase. This is a job well done by staff and a sign of spending our tax dollars wisely.”
The general municipal property tax increase (excluding school and other non-city taxes) for an average residential property is 1.3%, plus another one per cent for the Dedicated Road Improvement Tax, making the total tax increase 2.3%. This equates to an increase over 2015 of $17.11 per $100,000 of residential assessed value ($9.66 for general taxes and $7.45 for road improvements).
The average assessed value for a residential property in Cranbrook is $269,000 ($253,000 in 2015). The projected municipal taxes for an average home will be about $1996, or $5.47 per day for all municipal services, before the Provincial Home Owner Grant.
A copy of Cranbrook Tax Rates Bylaw 3859, 2016 is available at City Hall for information or by viewing on the city’s website.
You can also review the 2016 – 2020 Five Year Financial Plan Information Package.
City of Cranbrook
