The uniform municipal mill rate will be set at 15.653 for city taxable property for 2022, an increase from the 2021 rate of 14,752.
For the average home property with a assessed value of $160,800, owners will face an average increase of 4.35%. This increase is made up of $51.14 for the flat mill rate factor. The basic residential tax is another $37.87. So, in total, the properties will see an average increase of $89.01.
The actual tax adjustment for property owners will depend on the assessed value of their property.
For the average commercial property with a assessed value of $396,355, it will experience an average increase of approximately 3.94%. This is entirely made up of the increase in the uniform mill rate factor.
There is no increase in Recreational Capital Tax or UPAR for residential and commercial properties.
The board approved the settlement to establish the mill rate factors for the year 2022.
He also authorized the levying of the flat tax rate, to establish the minimum tax and base taxes in the city’s business improvement district for 2022.
In addition, the board approved a by-law to establish a separate subclass under the commercial tax classification for personal care homes.
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