A one per cent tax increase this year could amount to $185,000 in extra revenue for the City of Fort St. John.
That’s the word from Director of Finance Laura Sanders at the Committee of the Whole meeting on Monday afternoon.
The figure was determined after B.C. Assessment reported that residential property assessments increased by roughly six per cent in the City this year.
City Council is in the preliminary stages of preparing the City’s 2010 operating budget.
City Manager Dianne Hunter suggested to council three possible options for the City’s operational budget, including using more of the City’s Fair Share funding and keeping the mill rate at the 2009 level, increasing the mill rate and become less dependent on the Fair Share grant, or a combination of both options.
The 2009 mill rate for residential was 4.9222 per cent.
But even if the City chooses to keep the mill rate the same, property owners will likely see an increase in their taxes, because of increased property values.
No decision was made at the Committee of the Whole meeting on Monday, but Council will be deciding on an outcome in the near future.