The “tough love” financially at City Hall over the past couple of years is beginning to reap some rewards. Common Council is being asked to approve a Finance Committee Recommendation to reduce the property tax rate by 1.5 cents next year. If approved – that would bring the municipal tax rate from $1.785 per $100 of assessment to $1.77 in 2022.
The reduction is made possible by a combination of a provincial funding change providing an additional $1,000,000 in revenue and results being achieved through the city’s long term financial plan. It would be the first reduction in the tax rate in almost 12 years.
Committee member – Councillor Gary Sullivan – says the long term goal of reducing the tax rate even further will make the city more competitive in the bid to attract new residents and investment.
The recommendation will be dealt with during Monday night’s council meeting.
