A base tax for homes and multi-unit residential properties will be considered at Monday’s council meeting in order to fund City priorities for 2022.
The report recommends a 1.8% increase in the mill rate, as well as a $40 base tax for residential properties and a $20 base tax per apartment in multi-residential properties. The funds will be used towards the $1.8 million needed for City expenses.
A tiered base tax for commercial properties will also be considered at the meeting.
A base tax was chosen to reduce the difference in taxes between higher and lower valued homes. After the 2021 revaluation, some properties in Prince Albert saw as much as a 30% increase in property tax.
“By going with a base tax we will move toward addressing the shift in the market and the dramatic impacts this had on higher valued homes in Prince Albert,” says Mayor Greg Dionne.
A few existing taxes will be renamed as special taxes at the upcoming meeting. The snow management and future infrastructure base tax will be renamed the snow management special tax, which will be specifically dedicated to operation expenses. The new special tax will be revisited annually to determine if adjustments will be required to properly fund the reserve.
A few other tax changes will be proposed by Administration, including a $100 increase to the minimum tax. The additional generated funds will be used to pay for projects around Prince Albert like Little Red Rotary Adventure Park and the James Isbister basketball court replacement.
The council meeting will occur at 5 p.m. on Monday and the report can be viewed online at https://eagenda.ca:5001/IIP/princealbert.