Appendix
Schedule 4 2021 Municipal Tax Rates Analysis - Scenario A
April 13, 2021Page 751 section
Detailed technical spreadsheet calculating tax distribution for Scenario A (uniform percentage increase).
Total Revenue required: $9,467,665Total assessed property value: $4,011,413,773
Schedule 4 2021 Municipal Tax Rates Analysis
Scenario A Increase all tax rates by same percentage; no change to tax ratios from prior year
| Scenario class multiples | Value | Change in tax burden distribution | Value |
|---|---|---|---|
| Utilities (Note 1) | 16.9478 | Residential | 1.87% |
| Light industry | 3.3385 | Light industry | -0.01% |
| Business and other | 3.5500 | Business and other | -1.93% |
| Rec/Non profit | 4.7265 | Rec/Non profit | 0.04% |
| Farm | 9.2315 | 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 Scenario Multiples | Current Scenario Rates | Current Scenario Revenue | % Change in Tax Rates | % Change in Class Contribution | Non-Market Change Assessments | Non-Market Change Revenue | Prior Year Tax on $100,000 Property | Prior Year $100,000 Property Adjusted by 2021 Market | Current Scenario Results Tax on $100,000 Property | Current Scenario Results Increase (Decrease) | Current Scenario Results % Change | Current Scenario Results Tax Burden Distribution |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Residential Single Family | 1,942,593,100 | 1,942,593,100 | 1.0000 | 2.27610 | 4,212,346 | 46.60% | 1.0000 | 2.36018 | 4,584,873 | 3.69% | 8.84% | 5,809,200 | 13,711 | 227.61 | 104,966 | 247.74 | 20.13 | 8.84% | 48.79% |
| Residential Strata | 644,499,200 | 644,499,200 | 1.0000 | 2.27610 | 1,444,579 | 15.98% | 1.0000 | 2.36018 | 1,521,135 | 3.69% | 5.30% | 5,758,000 | 13,590 | 227.61 | 101,548 | 239.67 | 12.06 | 5.30% | 16.28% |
| Residential Vacant, ALR, Farm, Other | 298,366,503 | 298,366,503 | 1.0000 | 2.27610 | 687,659 | 7.61% | 1.0000 | 2.36018 | 704,199 | 3.69% | 2.41% | (19,054,000) | (44,971) | 227.61 | 98,757 | 233.08 | 5.47 | 2.41% | 6.99% |
| Total Residential | 2,885,458,803 | 2,885,458,803 | 1.0000 | 2.27610 | 6,344,584 | 70.19% | 1.0000 | 2.36018 | 6,810,207 | 3.69% | 7.34% | (7,486,800) | (17,670) | 227.61 | 103,515 | 244.31 | 16.70 | 7.34% | 72.06% |
| (1) Utilities | 388,400 | 6,582,526 | 17.5739 | 40.00000 | 15,120 | 0.17% | 16.9478 | 40.00000 | 15,536 | 0.00% | 2.75% | 43,400 | 1,736 | 4,000.00 | 102,751 | 4,110.05 | 110.05 | 2.75% | 0.18% |
| Light industry | 3,697,100 | 12,342,768 | 3.3385 | 7.59875 | 29,149 | 0.32% | 3.3385 | 7.87947 | 29,131 | 3.69% | -0.06% | - | - | 759.88 | 96,379 | 759.42 | -0.46 | -0.06% | 0.31% |
| Business and other | 299,821,300 | 1,064,365,615 | 3.5500 | 8.08015 | 2,558,525 | 28.30% | 3.5500 | 8.37864 | 2,512,096 | 3.69% | -1.81% | (3,172,000) | (26,577) | 808.02 | 94,687 | 793.35 | -14.66 | -1.81% | 26.37% |
| Rec/Non profit | 8,939,600 | 42,253,019 | 4.7265 | 10.75798 | 91,824 | 1.02% | 4.7265 | 11.15540 | 99,725 | 3.69% | 8.60% | - | - | 1,075.80 | 104,736 | 1,168.37 | 92.57 | 8.60% | 1.06% |
| Farm | 44,526 | 411,042 | 9.2315 | 21.01180 | 908 | 0.01% | 9.2315 | 21.78802 | 970 | 3.69% | 6.86% | 11,182 | 244 | 2,101.18 | 103,058 | 2,245.42 | 144.24 | 6.86% | 0.01% |
| Totals | 3,198,349,729 | 4,011,413,773 | 9,040,109 | 100.01% | 9,467,665 | (10,604,218) | (42,267) | 99.99% |
Footnotes: (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
| Summary | Value |
|---|---|
| Total revenue increase from prior year market value assessments | 4.73% |
| Total revenue increase from non-market value assessments | -0.47% |
Page 75
Extracted from: 2021 04 13 Committee of the Whole Agenda - Agenda - Pdf