Cranbrook, BC (May 15, 2014) – On Wednesday, Council adopted the City’s Tax Rates Bylaw that will see a 3.95% overall increase in 2014.
In order to maintain the current service levels expected by residents, the City needs to raise about
$23,022,000 in General Municipal Property Taxes to balance its General Fund. The tax rates proposed in this bylaw will raise the $23 million and increase City revenue by $867,000.
“No one likes paying more taxes, but we all expect the City to provide us with quality services and working infrastructure,” says Mayor Wayne Stetski. “In 2014, the average single family home in Cranbrook with an assessed value of $250,000 will pay approximately $65 more in all property taxes than in 2013, prior to applying the provincial Home Owner Grant and/or the senior’s grant.”
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 2014 tax rate for residential taxpayers is $7.35 per $1,000 of assessed value versus $7.06 per $1,000 of assessed value in 2013.
Other agencies like the Regional District, Regional Hospital and Schools also set their tax rates based on the services they provide to residents of Cranbrook. The combined 2014 residential property value tax rate is $10.22 per $1,000 of assessed value versus $9.96 for 2013.
A copy of Cranbrook Tax Rates Bylaw 3796, 2014 is available at City Hall for information or by using the link provided.