2013 Mill Rates and Property Taxes

Transcription

1 2013 Mill Rates and Property Taxes 1

2 What are we talking about? Ad valorem Latin for at value (real property) Mill rate tax per dollar of value (Latin for 1,000) Mill rate factor proportion the tax per class Assessed value market value at a given date Taxable value value used to calculate tax Base tax fixed dollar amount regardless of value Phase-in market value increase applied over number of years 2

3 2013 Budgets City of North Battleford 3

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5 What is Provincial assessment? Total assessed value increased by 73% (avg.) Property assessment is a key part of municipal tax systems. However, the notice you received does not automatically increase or change your property taxes. 5

6 Will my taxes increase? Increase in assessed value does not mean property tax increase in the same proportion. Reassessment does not equal more revenue. Value appreciated higher than avg. = increase Value appreciated lower than avg. = decrease Property owners should expect the value of their property to increase over time. The new assessed value will apply to the tax years 2013 to

7 Tax Pie $4,800 Property A Property B Year Assessed $ 50,000 $ 100,000 $ 150,000 $ 200,000 Taxes $ 1,200 $ 1,600 $ 3,600 $ 3,200 Tax % increase 33 % -11% $200,000 Assessment $300,000 Assessment 7

8 Assessment changes per class Property Class Tax Value Increase 2013 Assessment 2012 Assessment Ag. Non-arable 58% $ 360,025 $ 227,535 Commercial 87% $ 208,706,030 $ 111,313,765 Elevators 97% $ 13,094,600 $ 6,637,050 Pipelines/Railways 76% $ 620,200 $ 351,750 Multi-family 53% $ 48,144,946 $ 31,543,390 Residential 94% $ 481,416,040 $ 248,524,731 Condominium 62% $ 27,651,750 $ 17,111,290 Vacant residential 303% $ 1,109,010 $ 275,310 TOTAL $ 781,102,601 $ 415,984,821 8

9 City & Town Taxes Location Assessed Property Value 2013 Taxes Change from 2012 * City $ 194,000 $ 1,576 + $ 73 Town Residential $ 1,413 + $ 63 City $ 162,000 $ 1,446 - $ 56 Town Condominium $ 1,327 - $ 24 City $ 187,000 $ 3,908 + $ 125 Town Commercial $ 2,500 + $ 71 City $ 100,000 $ 2,090 n/a Town Commercial $ 2,165 n/a * Change from 2012 is property dependent. This is based on average assessment. 9

10 Annual Services (Taxes) City ($1,576) Town ($1,413) Parks Arenas 3 1 Track Field Aquatic Centre * Performing Arts Theatre * Field House * Curling Centre * Public Golf Course, 18 holes Green House and Tree Nursery Transit System Police Building Police & Police support staff 36 City & 9 staff 5 Provincial Bylaw Officers 4 1 Full-time Fire Department 15 0 Emergency Operations Centre * Town promised Capital funds of $160 K / year for 10 years. 10

11 What is the value of your tax dollars? What services do you pay for annually? Other Services and Utilities City Town Planning Department Economic Development Department Building & Licensing Department Waste Management Facility Airfield Residential Sidewalks Water Tower Second Water Treatment Plant Sanitary Sewage Treatment Plant 11

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13 Property Taxation Policy 1. Phase-in the Commercial tax over two years. 2. No penalties on current taxes for this year. 3. Do not increase the RCCF levy of $175. Revenue Split, Res. 62% : Comm. 38% RCCF Levy, Res. 70% : Comm. 30% Base Tax = $615 (65% of Police and Fire) Minimum Tax = $308 (1/2 of Base) 13

14 Revenue and Property Taxation Council required $12.6M of property tax revenue to operate and meet expenditures Residential Base Tax = $3.3M $12.6M ( Base + RCCF) = $8.2M from assessed value, which includes Grant-in-lieu General Mill Rate = Total tax revenue required Total taxable assessments X 1000 = General Mill Rate 14

15 General Mill Rate General Mill rate 2013 Neutral 2012 Levy required $8.2 M $7.8 M $7.8 M Taxable assessment $780 M $780 M $415 M General Mill rate

16 Mill rates per class Property Class Neutral 2012 Agriculture, Non-arable, Vacant Commercial and Industrial Commercial RCCF levy Residential and Condominium Vacant Residential Land Multi-Family

17 How do I calculate my taxes? Commercial & Industrial = (Assessed value x class mill rate ) / 1000 Multi-family = [ (Assessed value x 70% x class mill rate) / 1000 ] + ($175 x # of units) Residential = [ (Assessed value x 70% x class mill rate) / 1000 ] + ($615 + $175) Condos are the same as Residential 17

18 2013 Property Taxes 18