The City of Williams Lake is reminding property owners, as they receive assessments, that increases in property value don’t necessarily mean increases in taxes.
Each year the City sets its residential mill rate based on budget needs, and an increase in property values doesn’t guarantee 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.”
Councillor Geoff Bourdon, chair of the City’s general governance committee, says the City believes competitive tax rates are critical in helping to foster a positive environment for economic development and growth.
“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,” Bourdon says.