City council finalized this year's property tax rates Monday night, with homeowners on track for a 2.5 per cent increase and other property classes facing a 2.33 per cent increase.
The rates, which are paid per $1,000 of assessed value (as determined by B.C. Assessment) divvy up the city's $86.7 million tax levy.
According to B.C. Assessment, the representative house value in Prince George is $223,606 and that homeowner will pay an estimated $1,780 in property tax under the new rate. The increase of 2.5 per cent is equal to the city's overall tax levy increase council approved last December.
The proposed tax rates per $1,000 of assessed value for each class are:
* Residential: $7.96 ($7.94 in 2013)
* Utility: $40.07 ($40 in 2013)
* Major industry: $47.07 ($46 in 2013)
* Light industry: $25.78 ($25.19 in 2013)
* Business: $16.03 ($15.66 in 2013)
