City sets Mill rates for current year

The City of Yorkton mill rates were passed unanimously by Yorkton Council at its regular meeting Monday.

"The objective in 2012 was to keep the differential between commercial and residential the same as in 2011. By so doing, both residential and commercial classes of property experience a 2.5 per cent tax increase," detailed an administrative report circulated to Council.

Lonnie Kaal, Director of Finance with the City explained the tax increase of 2.5 per cent equates into the following tax increases;

*Residential - A $100,000 property is assessed at $70,000 and .50 mills = $35

*Commercial - A $100,000 property assessed at $100,000 and .75 mills = $75

In addition she detailed, "Residential properties that have higher or lower values than the average of $80,000, will experience different percentage increases."

As examples a $50,000 property would see a 1.7 per cent increase, a $100,000 will be 2.9 per cent, and a $200,000 will be 4.4 per cent.

The $200,000 property has double the tax increase of the $100,000 property, but because of the base taxes, they pay a lesser amount.

The $50,000 property will pay $1,039 in taxes, up $17 from 2011, a $100,000 property will pay $1,239 a $35 increase, while on a $200,000 property taxes will be $1,638, up $70.

The base tax remains the same for Fire & RCMP operations as growth in the number of households compensates for the increased costs of protective services. Actual cost would be $631 versus the existing base tax of $630. No changes are proposed at this time, noted the report.