Fort St. John City Council is edging closer to settling on a tax ratio format for different property categories across the city.
Council has chosen to adjust the tax ratios for light industrial, business and residential properties over a five-year period. Light industrial and business property owners will see a decrease in their tax rates over that time and residential property owners will see an increase phased in over the next five years.
Council has been working towards implementing some of the recommendations made by Dr. Stanley Hamilton in 2009.
Thus, the proposed 2011 tax rates for light industrial, business and residential properties would be 25.78 per cent, 14.33 per cent and 5.09 per cent, respectively. The proposed rate means a decrease of 8.55 per cent for light industrial owners and a decrease of 0.27 per cent for business owners. The change would also mean an increase of 0.78 per cent for residential property owners in 2011.
The City says that increase for a residential property assessed at $350,000 in both 2010 and 2011 would translate to approximately $14.
A public meeting will be held on March 30 from 6 until 8 p.m. at which residents can raise any issues they have with the proposed tax changes.