The City of Cranbrook is seeking input in its recently proposed Five Year Financial Plan for 2014 to 2018.
The average general municipal property tax increase (excluding school and other non-city taxes) for taxpayers is projected to be about 3.37 per cent or about $23.80 per $100,000 of assessed value for residential property unless City Council chooses to change the distribution of property taxes. The one per cent dedicated Road Improvement Tax equates to about $7.07 per $100,000 of assessed value for residential property in 2014. The combined 2014 General Municipal Property Tax increase is 4.37 per cent or $30.87 per $100,000 of assessed value.
“Council needs to hear your views on the budget and the proposed increase to property taxes, particularly if you have ideas on how the City can reduce costs or raise revenues,” Cranbrook Mayor Wayne Stetski said.
Influencing the 4.37 per cent tax increase for 2014 are several factors, including the one per cent dedicated Road Improvement Tax, the three quarter per cent contribution to the Recapitalization Reserve, a 3.5 per cent increase in the RCMP contract, negotiated staff wage increases, and increased costs to materials and outside contractors.
For a home in Cranbrook with an assessed value of $300,000, the projected 2014 General Municipal Property Taxes will be about $2,212 before the Home Owner Grant (or $6.06/day) for all municipal services.
For an average home in Cranbrook, the projected 2014 utility and parcel tax fee will be about $876 (or $2.40/day).
Copies of the proposed 2014 – 2018 Five Year Financial Plan are at City Hall or at www.cranbrook.ca. Click on ‘Annual Reports’ under City of Cranbrook Links.