Common Council has given unanimous approval to a Finance Committee recommendation to cut the 2022 tax rate by 1.5 cents. The 2022 rate will stand at $1.77 per $100 of assessment.
It is the first reduction in the municipal tax rate in 12 years – and – is part of Council’s goal to reduce the rate by almost 20-cents in the next 10 years.
Saint John has the highest property tax rate in Atlantic Canada and Council wants to move to become more competitive to attract new residents and investment.
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.