Appendix
Schedule 5 Summary of impact on $100,000 assessed value (2020)
April 13, 2021Page 761 section
Table comparing the dollar and percentage impact of the four proposed tax scenarios on property values.
Scenario B increases representative Business property tax by 4.21%Scenario C decreases Class 5 and 6 ratios
Schedule 5 Summary of impact on $100,000 assessed value (2020)
Changing Tax Ratios (shown in red text)
| Category | Prior Year | Scenario A | Scenario B | Scenario C | Scenario D |
|---|---|---|---|---|---|
| Utilities | 17.5739 | 16.9478 | 17.4109 | 16.6288 | 17.1286 |
| Light industry | 3.3385 | 3.3385 | 3.5763 | 3.1000 | 3.3385 |
| Business | 3.5500 | 3.5500 | 3.9123 | 3.3000 | 3.6933 |
| Rec/Non profit | 4.7265 | 4.7265 | 4.7439 | 4.7265 | 4.7265 |
| Farm | 9.2315 | 9.2315 | 16.2621 | 9.2315 | 9.2315 |
Resulting Tax Rates
| Class Name | Class | Prior Year | Scenario A | Scenario B | Scenario C | Scenario D |
|---|---|---|---|---|---|---|
| Residential | 1 | 2.2761 | 2.36018 | 2.29742 | 2.40547 | 2.33528 |
| Light industry | 5 | 7.59875 | 7.87947 | 8.21625 | 7.45695 | 7.79632 |
| Business and other | 6 | 8.08015 | 8.37864 | 8.98818 | 7.93804 | 8.62488 |
| Rec/Non profit | 8 | 10.75798 | 11.15540 | 10.89871 | 11.36944 | 11.03769 |
| Farm | 9 | 21.0118 | 21.78802 | 37.36082 | 22.20607 | 21.55811 |
Resulting Taxes
Scenario Descriptions:
- Scenario A: Increase all tax rates by same percentage; no change to tax ratios from prior year
- Scenario B: Increase tax on representative property in each class by same percentage
- Scenario C: Decrease Class 5 and 6 tax ratios to 3.1 and 3.3 respectively
- Scenario D: Increase Class 6 multiple so that representative property increase is 0%
| Property Class | Prior Year Taxes on $100,000 Property | Prior Year $100,000 Property Adjusted by 2021 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 | 228 | 104,966 | 5% | 20 | 8.8% | 14 | 5.9% | 25 | 10.9% | 18 | 7.7% |
| Residential Strata | 228 | 101,548 | 2% | 12 | 5.3% | 6 | 2.5% | 17 | 7.3% | 10 | 4.2% |
| Total Residential | 228 | 103,515 | 4% | 17 | 7.3% | 10 | 4.5% | 21 | 9.4% | 14 | 6.2% |
| Business and other | 808 | 94,687 | -5% | -15 | -1.8% | 43 | 5.3% | -56 | -7.0% | 9 | 1.1% |
| Rec/Non profit | 1,076 | 104,736 | 5% | 93 | 8.6% | 66 | 6.1% | 115 | 10.7% | 80 | 7.5% |
| Farm | 2,101 | 103,058 | 3% | 144 | 6.9% | 1,749 | 83.2% | 187 | 8.9% | 121 | 5.7% |
Note: $ Chg per $100,000 assessment is the estimated change in property taxes per $100,000 based on 2020 assessments, adjusted by the average increase in assessments for the property class or segment in 2021. For example, a residential single-family property that was $100,000 in 2020 is projected to have an assessed value of $104,966 in 2021, based on the total percentage change for that property class/segment. The projected dollar change in taxes shown above ($ Chg) includes the effect of the assessed value increase AND the impact of the applicable scenario.
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Extracted from: 2021 04 13 Committee of the Whole Agenda - Agenda - Pdf