Cranbrook, BC (May 11, 2016) – On Wednesday afternoon, Council adopted the City’s Tax Rates Bylaw that will see a 2.30% 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,” says 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 road work resurfacing and pothole repair as well as the continuation of the 1% dedicated road tax which is included in the 2.30% 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 1.30%, plus another 1% for the Dedicated Road Improvement tax, making the total tax increase 2.30%. 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.
For an average home in Cranbrook, the projected 2016 utility and parcel tax fee will be about $912 (or $2.50 per day) per household.
A copy of Cranbrook Tax Rates Bylaw 3859, 2016 is available at City Hall for information or by following the link provided. You can also use the link to review the 2016 – 2020 Five Year Financial Plan Information Package.