Appendix
Schedule 5 Summary of impact on prior year $100,000 property value
April 11, 2023Page 921 section
A summary table showing how each of the four tax scenarios would impact the tax bill for a sample property valued at $100,000.
Scenario A results in a 9.0% change for single family residentialScenario C decreases light industry taxes by 2.0%
Schedule 5 Summary of impact on prior year $100,000 property value, adjusted for current year market change
Changing Tax Ratios (shown in red text)
| Category | Prior Year | Scenario A: Change all tax rates by same percentage (-1.5%); no change to tax ratios from prior year | Scenario B: Increase class contribution (total $) by the same percentage (10.1%) | Scenario C: Decrease Class 5 and 6 tax ratios to 3.7 and 4.0 respectively | Scenario D: Increase Class 8 ratio only; no change to other tax ratios from prior year |
|---|---|---|---|---|---|
| Utilities | 20.1296 | 20.4356 | 20.5096 | 20.0506 | 20.4708 |
| Light industry | 3.9620 | 3.9620 | 4.2520 | 3.7000 | 3.9620 |
| Business | 4.3018 | 4.3018 | 4.3756 | 4.0000 | 4.3018 |
| Rec/Non profit | 6.0000 | 6.0000 | 5.3315 | 6.0000 | 7.0000 |
| Farm | 11.5800 | 11.5800 | 12.9890 | 11.5800 | 11.5800 |
Resulting Taxes
| Resulting Taxes | Prior year taxes on $100,000 property | Prior year $100,000 property adjusted for 2023 market | Market % Chg | Scenario A $ Chg | Scenario A % Chg | Scenario B $ Chg | Scenario B % Chg | Scenario C $ Chg | Scenario C % Chg | Scenario D $ Chg | Scenario D % Chg |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Residential Single Family | 199 | 110,659 | 11% | 18 | 9.0% | 17 | 8.6% | 22 | 11.1% | 18 | 8.8% |
| Residential Strata | 199 | 117,143 | 17% | 31 | 15.4% | 30 | 15.0% | 35 | 17.6% | 30 | 15.2% |
| Total Residential | 199 | 112,182 | 12% | 21 | 10.5% | 20 | 10.1% | 25 | 12.6% | 20 | 10.3% |
| Light industry | 787 | 104,530 | 5% | 23 | 3.0% | 80 | 10.1% | -16 | -2.0% | 22 | 2.8% |
| Business and other | 855 | 110,290 | 10% | 74 | 8.6% | 86 | 10.1% | 25 | 3.0% | 72 | 8.5% |
| Rec/Non profit | 1,192 | 126,244 | 26% | 290 | 24.4% | 120 | 10.1% | 319 | 26.7% | 534 | 44.8% |
Note: $ Chg per $100,000 assessment is the estimated change in property taxes per $100,000 based on 2022 assessments, adjusted by the average increase in assessments for the property class or segment in 2023. For example, a residential single-family property that was $100,000 in 2022 is projected to have an assessed value of $110,659 in 2023, based on the total percentage change for that property class/segment. The projected dollar change in taxes shown above ($ Chg) includes the effect of the assessed value increase AND the impact of the applicable scenario.
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Extracted from: 2023 04 11 Committee of the Whole Agenda - Agenda - Pdf