How is the property tax rate set?City Council approves The City’s annual operating budget in January or February each year. As part of this process, they consider the revenue sources available to cover expenditures. The revenue expected from provincial grants, utility revenues and user fees is subtracted from the total expected expenditures to determine the property tax amount needed for that year.
Each spring, City Council sets the property tax rates by passing a Tax Rate Bylaw. Rates are determined by dividing the total property tax amount needed among the total taxable assessed value for city properties. There are separate rates for residential, multi-family, non-residential and farmland. When did City Council approve the 2012 tax rate bylaw? City Council approved the 2012 tax rate bylaw on April 30, 2012. Please review the 2012 Q&A Backgrounder for an overview of the process they followed and recommendations they considered to make their decision.
