While Yorkton Council passed the City’s 2015 budget in later 2014, it set its tax policy and mill rate.
Council approved the 2015 budget which required a 1.98 per cent general tax increase, a 1.27 per cent increase for roads and facility maintenance plus a 2.75 per cent increase for capital works totaling a 6.0 per cent increase in tax rates, explained City Controller Amanda Matechuk.
Fortunately the Province has held school property taxes at the same rates. With no increase in school tax rates, the combined increase for both commercial and residential taxes in 2015 will be 4.5 per cent.
In 2015 Residential pays 52 per cent and Commercial 48 per cent of the total City Taxes.
For 2015 the commercial mill rate would increase 1.38 mills and the residential mill rate would increase 0.55 mills plus $30 base tax.
The City’s Base Tax will rise, said Matechuk.
The Fire and Police Services budget increased 2.3 per cent and an increase to the base tax is required. This 2.3 per cent increase does not take into account the additional 3.0 per cent required due to the fire arbitration award, she explained.
The base tax has been $680, but will rise by $30 (4.4 per cent) to $710.
In terms of mill rate the City uniform mill rate is up from 14.95 to 15.81 mills. The Residential uniform rate is up from 11.45 to 12.12 mills, while the Commercial uniform rate is up from 22.40 to 23.77 mills.
Actual increases vary by property value in the residential sector, said Matechuk.
The average residential home in the city is valued at $200,000. The tax increase on such a property will be $107 per year, or $8.92 per month.
A commercial property valued at $200,000 will see an annual increase of $276, or $23 per month.
Council gave unanimous support for all three readings of the Bylaw at its regular meeting Monday.
