Thunder Bay city council is ready to finally put this year's municipal budget to bed, as city staff have prepared options for tax ratios.
The end of budget deliberations saw council ratify a budget that featured a rise to the tax levy of about a rise 4.04 per cent, which actually works out to be about 2.1 per cent for existing taxpayers.
The rise to the tax levy is not a residential tax increase. While many people, including some in the media, use the terms tax hike and levy interchangeably, it simply is not accurate.
Tax ratios determine how much of the levy will fall on each type of taxpayer. By adjusting the numbers, the city can shift the tax increase across the various assessment classes.
In the scenario recommended city staff, residential, multi-residential and Industrial properties would see their taxes go up 2.16 per cent.
A similar priced commercial property would see an increase of 1.02 per cent.
Large industrial properties worth less than $18.5 million would see their taxes increase 1.11 per cent, and large industrial properties worth more than that would see their taxes go down .29 per cent.
None of these figures have been finalized, and are up for council consideration on Monday night.
