TerraceBC braces for possible 7.34% property tax hike in 2024
City taxpayers may have just finished absorbing this year’s 10.33 per cent property tax hike but senior city officials are already warning of another stiff increase next year.
Wage increases for the city’s unionized workers, its unionized firefighters and non-union managers would account for just under half of the estimated dollar value of the increase or $565,000.The proposed tax increase includes a one per cent specific hike that goes into a fund intended to help meet costs of replacing portions of the city’s aging infrastructure. It amounts to $184,600.
It also includes increasing training budgets for city departments experiencing high turnover and costs to replace city vehicles. City finance director Lori Greenlaw’s lengthy budget preparation memo to council indicates that every one per cent hike amounts to $185,000. Property taxes aside, water and sewer rates would also go up at two per cent each, placing 2024 sewer rates at $179.48 for the average residential property and $259.41 for water.
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