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City to debate property tax rates on Monday

City council will consider a tax rate bylaw based on a 1.75 per cent tax increase at Monday's regular-scheduled council meeting. On April 30, city council approved budget measures to bring the tax increase down to 1.
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City council will consider a tax rate bylaw based on a 1.75 per cent tax increase at Monday's regular-scheduled council meeting.

On April 30, city council approved budget measures to bring the tax increase down to 1.75 per cent in response to the COVID-19 pandemic. The city's original budget, approved in February, planned for a 3.44 per cent property tax increase.

Despite the tax increase, mill rates – the amount of taxes collected per $1,000 of assessed property value – are decreasing across all property classes. 

The declining mill rates reflect higher property values in the city. In January, BC Assessment reported the value of an average single-family home in the city increased five per cent between July 1 and Dec. 31, 2019, from $296,000 to $310,000.

The proposed local residential mill rate is 8.20262, down from 8.39902 in 2019.

For a home worth $310,000, the proposed local property taxes would equal $2,542.81. If the house is the primary residence of the owner, they would be eligible for a B.C. Home Owner grant of $770 ($1,045 if they are 65 years old or older, or disabled).

The local mill rate includes requisitions for the general municipal tax, snow control reserve, road rehabilitation reserve, general infrastructure reinvestment reserve, Regional District of Fraser-Fort George general tax, regional district 911 service and Fraser-Fort George Regional Hospital District.

The local mill rate is not the final number residents will see on their property tax bill. 

The City of Prince George also collects the provincial school tax, BC Assessment Authority tax and Municipal Finance Authority tax. Those property tax rates have not been released by the provincial government yet, but in 2019 they added an additional 2.4223 to the mill rate, bring the total 2019 residential property tax rate in the City of Prince George to 10.82132.

If the three provincial property taxes were to remain the same as in 2019, they would add an additional $750.91 in property taxes to an average home worth $310,000 – bringing the total for 2020 to $3,293.72, minus the B.C. Home Owner Grant, if applicable.

In April the provincial government announced it would reduce the provincial school tax on business and industrial properties, which it estimated would reduce the overall property tax for most businesses by 25 per cent. In addition, it extended the deadline for business and commercial properties to pay their property tax penalty-free until Oct. 1.

For all other property categories, the deadline to pay remains July 3. The city will impose a five per cent late payment penalty on taxes paid after July 3, and a further five per cent penalty on taxes paid after Oct. 1. City council approved extending the second penalty deadlines to October last month. Typically the second penalty takes effect in September.

 

MILL RATES BY CLASS

Here are the proposed City of Prince George 2020 property tax mill rates, including all taxes collected by the city and Regional District of Fraser-Fort George, and excluding the provincial school tax, BC Assessment tax and Municipal Finance Authority tax. The 2019 rates appear in brackets:

• *Residential: 8.20262 (8.39902)

• Utility: 45.00401 (46.63537)

• Major industry: 54.8488 (56.91902)

• Light industry: 30.21642 (31.21230)

• Business/other: 19.16055 (19.76420)

• Managed forest land: 10.41013 (10.51341)

• Farm: 6.42450 (6.61038)

* Supportive housing, recreational property and non-profits pay the same local taxes as residential properties.