Council sets tax rates for year
City of Cranbrook council last night adopted Tax Rates Bylaw No. 3965, setting tax rates for the year.
The general municipal property tax increase (excluding school and other non-city property taxes) for a residential property in 2019 will be approximately 3.97% unless the property’s assessed value increased or decreased by more than the average increase of 5.03% for the class.
Based on the average increase, a residential property valued at $300,000 in 2018 would have an assessed value of approximately $315,089 in 2019.
For 2019, the city’s budgeted revenues (and expenses) are $66 million (2018 – $64.8 million). The general municipal property tax levy of $27 million represents 41% (2018 – 40.3%) of all the funds required to operate the city and provide valued services to its residents.
Included in the $27 million municipal tax levy, is the 2019 Road Dedicated Tax of $2,230,821 (2018 – $1,969,852).
The proposed municipal tax rates have been developed with the objective that the tax burden ratio of the residential and business classes be maintained at 61/36.
The overall increase for the residential class will be 3.97%. This is the same as the city’s overall tax levy increase for 2019 after adjusting for non-market change.
City director of finances Charlotte Osborne’s report to council noted properties within city boundaries have a collective assessed value of $2.79 billion compared to $2.64 billion in 2018.