Wednesday, January 4, 2012

Increase in Property Assessments do not mean higher taxes...

Courtesy of the City of Williams Lake:

As they receive their 2012 assessment notices this week, the City of Williams Lake would like to remind Williams Lake property owners that an increased assessment does not mean an automatic rise in City property taxes.

According to BC Assessment, the City of Williams Lake’s assessment roll rose from $1.22 billion to 1.24 billion, and most homeowners in Williams Lake will see property value changes from -5 per cent to 5 per cent.

Because the City of Williams Lake, like all municipal governments, sets its residential mill rate based on budget needs, an increase in property values does not necessarily mean a rise in the mill rate.

The mill rates for residential, commercial, and industrial properties will be set this spring as the City goes through the process of completing the 2012 budget and five-year financial plan,” says Director of Finance Pat Higgins. “Increased property values are just one factor among many that determine how much a property owner will pay in taxes.”

The City believes competitive tax rates are critical in helping to foster a positive environment for economic development and growth,” says Councillor Geoff Bourdon, chair of the General Governance Committee, which has oversight of budgets and long-term financial planning. “Economic development is a top priority for this Council, and that will be reflected in our budget and long-term tax rates discussions this winter and spring.”

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