The City of Terrace has reduced its planned property tax increase to below nine per cent, thanks to increased property taxes from new construction and the reclamation of Skeena Industrial Development Park lands.
The City of Terrace has reduced its planned property tax increase to below nine per cent, but not because of any spending cuts. Instead, the firming up of tax assessment rolls by the B.C. Assessment Authority reveals it will be getting more property tax es from new construction than first estimated.
And the $200,000 in estimated new construction property taxes is even enough to overcome the loss of tax revenue now that the city has reclaimed the Skeena Industrial Development Park lands from the company it sold the property to a decade ago. In presenting figures to city council Jan. 10, finance director Lori Greenlaw noted that the city will lose $153,000 in property taxes from the development park because it owns the lands once again. But in subtracting $153,000 from the new tax revenue of $200,000 the net gain in tax revenue stands at $47,000. That’s enough to cut a planned property tax increase from 9.31 per cent to 8.83 per cent, she sai
City Of Terrace Property Tax Tax Assessment New Construction Tax Revenue Skeena Industrial Development Park
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