City sets mill rate for 2013

Yorkton Council set the City's 2013 mill rates at its regular meeting Monday.

And while there are some significant shifts in the numbers, the end result is similar to 2012, explained Lonnie Kaal the City's director of finance.

In general terms, every four years there is an update and revaluation of property assessment values across the province. With the robust economy, all values have increased significantly. The residential values in Yorkton have increased more than the provincial average, while commercial values resemble provincial averages, offered Kaal.

Excluding growth, full assessment increased by 100 per cent on the residential side in Yorkton, compared to 87 per cent provincially.

Commercially it was 51 per cent in the city and 55 provincially.

As a result, generally a house valued at $100,000 in 2009 is now valued at $200,000. A commercial property valued at $100 000 in 2009 is now valued at $151,000, said Kaal.

In terms of tax dollars required, "Council approved the 2012 budget which required a 2.5 per cent general tax increase plus a 2.5 per cent increase for capital works. Regardless of the changes in values, the commercial sector will contribute five per cent more than last year and likewise the residential sector will contribute five per cent more," said Kaal.

As a general guideline, Kaal said it was a goal of the City that each sector contributes the same amount of taxes in 2013, plus the five per cent budgeted increase.

Tax revenue is approximately 55per cent residential and 45 per cent commercial. The percentage of taxes from Commercial increased from 44.9 per cent in 2012 to 45.8 per cent in 2013. This is largely because real growth in commercial was 2.75 per cent compared to .94 per cent in residential.

Yorkton's Base Tax was also adjusted with a $20 increase from $630 to $650

Capital Works Base Tax - changed to a percentage of the mill rate instead of a flat $110/unit. The Capital budget is 19.39 per cent of the total budget and the mill rate will reflect this percentage.

A new high density sub-class is also being established in 2013, said Kaal. The sub-class will include properties that have eight or more self contained units in one building and apply base taxes and tax rates at 90 per cent of the residential rates.

"It costs less to service 24 units in an apartment building than to service 24 homes on a block," she explained.

In summary there are shifts within each property class but generally a tax increase of five per cent equates to the following average tax increase based on 185,000 full value assessments and the percentage assessment increase being the same as the class average. On a residential property as described it will mean an increase of $66 per year, or $5.50 per month, with a commercial property tax increase of $181 per year, or $15 a month.

High density dwellings generally will decrease $56/yr/unit but will vary depending upon previous class (condo or multi).