The average Prince George homeowner isn't likely to see a property tax increase of less than 3.4 per cent when council approves the tax rates for this year.
The amount of tax city property owners will pay for 2013 is up for debate when committee of the whole meets tonight at 6 p.m. in council chambers.
Council approved the year's financial plan in February, which included a 3.5 per cent increase to the tax levy. A bylaw setting the tax rates for residential, business, light and major industry, utility, recreation/non-profit and farm property classes has to be in place before May 15.
The report from audit and finance committee chair Coun. Cameron Stolz lays out three options for his colleague's consideration during the meeting.
The first, and finance and audit committee-endorsed suggestion, recommends an increase in line with the budget - 3.5 per cent for the average home, equaling $7.93 per $1,000 of assessed value.
Under this option, the rate for major industry class would decrease by 1.89 per cent to $46 per $1,000 of assessed value. This is in keeping with a city policy set in 2010 of coming down to meet the provincial average for the class over a 10-year period. In 2012, the provincial average rate was $36.87.
The light industrial, business and farm tax rates would decrease by 4.64 per cent and the utility tax rate would decrease by 2.61 per cent.
Under the other two options, the residential tax rate would increase by 3.4 per cent. In one suggestion, the decrease for the light industrial, business and farm tax rates would be slightly reduced.
In the other, the major industry tax rate was bear more of the brunt and would only decrease from the current $46.88 per $1,000 of assessed value to $46.30. The light industrial, business and farm tax rates would would drop by 1.75 per cent.
According to BC Assessment, there was a $337.9 million increase in the 2013 revised Prince George roll, of which $253.6 million was due to increased market values. The rest was from new construction or properties being rezoned. For example, Lakeland Mills and North Central Plywood were rezoned from major industrial to light industrial.
At least one councillor is expected to oppose the recommendations. During budget deliberations, Albert Koehler voted against approving details which led to the 3.5 per cent increase, saying he wanted to keep the budget closer in line with the rate of inflation.
