A one per cent tax rate increase is being recommended by Williams Lake city council across the board.
During the Tuesday, April 9, regular meeting city council gave first three readings to the 2019 Municipal Tax Rate Bylaw which will generate an extra $121,645 for the City from the taxes collected from residential, major and light industry, businesses, recreation and non-profit and farm taxpayers.
Williams Lake’s residential tax rate is 5.96278, its major industrial rate is 111.92936, light industry is 51.54184, business is 13.42031, recreation and non-profit is 19.441399 and farm is 12.41203.
The net taxable expected in 2019 will be $1,211,601,245.
The only class that will remain unchanged is utilities.
For the City’s budget, residential taxes make up 73.7 per cent of the completed tax roll. Utilities make up 1.7 per cent, major industry is 2.2 per cent, light industry is 0.6 per cent, business and other is 21.6 per cent, recreation and non-profit is .1 per cent and farm is .0 per cent.
There will still have to be a final reading of the tax rate before it is finalized.
Last year, when discussing tax rates, Mayor Walt Cobb explained that a two per cent tax rate increase on an average home assessed at $213,000 would mean an additional $24 a year.
Many residents will see a larger increase in taxes already in 2019 because of the fact there have been increases for some area residents with Williams Lake Rural values increased 10.73 per cent for residential, 8.93 per cent for business and 6.3 per cent for light industry.
Read more: Double-digit increases for some Cariboo property assessments
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