Appendix
Schedule 4 2023 Municipal Tax Rates Analysis Scenario A
April 11, 2023Page 911 section
A detailed technical spreadsheet showing the assessment values and revenue distribution under Tax Scenario A.
Total Converted Assessment: $5,625,568,997Total projected tax revenue: $11,011,326
Schedule 4 2023 Municipal Tax Rates Analysis
Scenario A Change all tax rates by same percentage (-1.5%); no change to tax ratios from prior year
| Scenario class multiples | Change in tax burden distribution | ||
|---|---|---|---|
| Utilities (Note 1) | 20.4356 | Residential | 0.06% |
| Major industry | 3.9620 | Major industry | 0.00% |
| Light industry | 3.9620 | Light industry | -0.03% |
| Business and other | 4.3018 | Business and other | -0.22% |
| Rec/Non profit | 6.0000 | Rec/Non profit | 0.19% |
| Farm | 11.5800 | Farm | 0.00% |
| Property Class | Current Year Assessments Excluding Non-Market Change | Current Year Assessments Converted | Prior Year Tax Multiples | Prior Year Tax Rates | Prior Year Tax Revenue | Prior Year Tax Burden Distribution | Current Tax Scenario Multiples | Current Tax Scenario Rates | Current Tax Scenario Revenue | Current Tax Scenario % Change in Tax Rates | Current Tax Scenario % Change in Class Contribution | Current Tax Scenario Non-Market Change Assessments | Current Tax Scenario Non-Market Change Revenue | Prior Year Tax on $100,000 Property | Prior Year $100,000 Property Adjusted by 2023 Market | Current Scenario Results Tax on PY $100,000 Property | Current Scenario Results Increase (Decrease) | Current Scenario Results % Change | Current Scenario Results Tax Burden Distribution |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Residential Single Family | 2,758,618,500 | 2,758,618,500 | 1.0000 | 1.98712 | 4,953,695 | 49.53% | 1.0000 | 1.95737 | 5,399,637 | -1.50% | 9.00% | 9,296,600 | 18,197 | 198.71 | 110,659 | 216.60 | 17.89 | 9.00% | 48.75% |
| Residential Strata | 932,848,000 | 932,848,000 | 1.0000 | 1.98712 | 1,582,403 | 15.82% | 1.0000 | 1.95737 | 1,825,929 | -1.50% | 15.39% | 13,341,000 | 26,113 | 198.71 | 117,143 | 229.29 | 30.58 | 15.39% | 16.66% |
| Residential Vacant, ALR, Farm, Other | 363,670,103 | 363,670,103 | 1.0000 | 1.98712 | 646,916 | 6.47% | 1.0000 | 1.95737 | 711,837 | -1.50% | 10.04% | 3,908,600 | 7,651 | 198.71 | 111,708 | 218.65 | 19.94 | 10.04% | 6.47% |
| Total Residential | 4,055,136,603 | 4,055,136,603 | 1.0000 | 1.98712 | 7,183,014 | 71.82% | 1.0000 | 1.95737 | 7,937,403 | -1.50% | 10.50% | 26,546,200 | 51,961 | 198.71 | 112,182 | 219.58 | 20.87 | 10.50% | 71.88% |
| (1) Utilities | 804,500 | 16,440,440 | 20.1296 | 40.00000 | 29,072 | 0.29% | 20.4356 | 40.00000 | 32,180 | 0.00% | 10.69% | - | - | 4,000.00 | 110,691 | 4,427.63 | 427.63 | 10.69% | 0.29% |
| Light industry | 4,038,000 | 15,998,556 | 3.9620 | 7.87298 | 30,413 | 0.30% | 3.9620 | 7.75512 | 31,315 | -1.50% | 2.97% | (165,000) | (1,280) | 787.30 | 104,530 | 810.64 | 23.35 | 2.97% | 0.27% |
| Business and other | 344,984,500 | 1,484,054,322 | 4.3018 | 8.54820 | 2,673,855 | 26.73% | 4.3018 | 8.42023 | 2,904,849 | -1.50% | 8.64% | 5,001,000 | 42,110 | 854.82 | 110,290 | 928.67 | 73.85 | 8.64% | 26.51% |
| Rec/Non profit | 8,880,000 | 53,280,000 | 6.0000 | 11.92273 | 83,864 | 0.84% | 6.0000 | 11.74425 | 104,289 | -1.50% | 24.35% | 895,000 | 10,511 | 1,192.27 | 126,244 | 1,482.64 | 290.37 | 24.35% | 1.03% |
| Farm | 56,915 | 659,076 | 11.5800 | 23.01088 | 1,310 | 0.01% | 11.5800 | 22.66640 | 1,290 | -1.50% | -1.49% | - | - | 2,301.09 | 100,009 | 2,266.84 | -34.25 | -1.49% | 0.01% |
| Total | 4,413,900,518 | 5,625,568,997 | 10,001,528 | 99.99% | 11,011,326 | 32,277,200 | 103,302 | 99.99% |
(1) The Utility Tax Levy cannot exceed the greater of a) $40 for each $1,000 of assessed value b) 2.5 times the rate applicable to business class 6
| Total revenue increase from prior year market value assessments | 10.10% |
| Total revenue increase from non-market value assessments | 1.03% |
Page 91
Extracted from: 2023 04 11 Committee of the Whole Agenda - Agenda - Pdf