Signed, sealed and delivered.
The city’s five-year financial plan and new tax rates were given fourth reading and adopted at council’s Monday meeting.
There are a few things to take note of, city financial manager Cathy Rothwell said.
The value on certain properties will change due to revised figures from the B.C. Assessment.
The figures weren’t reflected in the city budget process because the city has to rely on the completed assessment numbers when they start the budget process. The revised numbers come out later.
The major changes involves the commercial and business classes.
The loss of Port Fish caused a subsequent loss of tax revenue, which had to be compensated for by nominally adjusting the tax rate, Rothwell said.
As for the tax rates, the owner of a home with an assessed value of $195,000 will pay $1,535 in municipal taxes, Rothwell said.
Other rates per $1,000 of assessed value include major industry: $49; light industry: $35; utility: $39; and business: $15. Non-profits and farms will pay the same as residential: $7.