Committee of the Whole/Documents/Schedule 5 - Summary of impact on prior year $100,000 property value
Appendix
Schedule 5 - Summary of impact on prior year $100,000 property value
April 12, 2022Page 1481 section
A comparison table showing how the six different tax rate scenarios impact a sample $100,000 property assessment adjusted for market change.
In Scenario A, a Single Family home sees a 12.3% tax change ($29)In Scenario B, the same home sees a 7.9% change ($18)
Schedule 5 Summary of impact on prior year $100,000 property value, adjusted for current year market change
Scenario Descriptions
- Scenario A (4.7%): Change all tax rates by same percentage; no change to tax ratios from prior year
- Scenario B (4.7%): Change each property class’s total contribution by same percentage
- Scenario C (4.7%): Decrease Class 5 and 6 tax ratios to 3.1 and 3.3 respectively
- Scenario D (4.7%): Increase Class 8 ratio only; no change to other tax ratios from prior year
- Scenario E (5.5%): Change all tax rates by same percentage; no change to tax ratios from prior year
- Scenario F (5.5%): Increase Class 8 ratio only; no change to other tax ratios from prior year
Changing Tax Ratios
| Property Class | Prior Year | Scenario A (4.7%) | Scenario B (4.7%) | Scenario C (4.7%) | Scenario D (4.7%) | Scenario E (5.5%) | Scenario F (5.5%) |
|---|---|---|---|---|---|---|---|
| Utilities | 17.1428 | 19.4843 | 20.2756 | 18.9825 | 19.5099 | 19.3295 | 19.3549 |
| Light industry | 3.3385 | 3.3385 | 3.9620 | 3.1000 | 3.3385 | 3.3385 | 3.3385 |
| Business | 3.6933 | 3.6933 | 4.3015 | 3.3000 | 3.6933 | 3.6933 | 3.6933 |
| Rec/Non profit | 5.1000 | 5.1000 | 5.4805 | 5.1000 | 6.0000 | 5.1000 | 6.0000 |
| Farm | 9.2315 | 9.2315 | 11.5800 | 9.2315 | 9.2315 | 9.2315 | 9.2315 |
Resulting Tax Rates
| Class Name | Class | Prior Year | Scenario A (4.7%) | Scenario B (4.7%) | Scenario C (4.7%) | Scenario D (4.7%) | Scenario E (5.5%) | Scenario F (5.5%) |
|---|---|---|---|---|---|---|---|---|
| Residential | 1 | 2.33334 | 2.05293 | 1.97281 | 2.10721 | 2.05024 | 2.06937 | 2.06666 |
| Light industry | 5 | 7.78987 | 6.85372 | 7.81628 | 6.53234 | 6.84474 | 6.90859 | 6.89954 |
| Business and other | 6 | 8.61774 | 7.58210 | 8.48604 | 6.95378 | 7.57216 | 7.64281 | 7.63279 |
| Rec/Non profit | 8 | 11.90005 | 10.46996 | 10.81199 | 10.74675 | 12.30146 | 10.55379 | 12.39995 |
| Farm | 9 | 21.54026 | 18.95166 | 22.84515 | 19.45266 | 18.92682 | 19.10340 | 19.07836 |
Resulting Taxes
| Property Type | Prior year taxes on $100,000 property | Prior year $100,000 property adjusted for 2022 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 | Scenario E $ Chg | Scenario E % Chg | Scenario F $ Chg | Scenario F % Chg |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Residential Single Family | 233 | 127,593 | 28% | 29 | 12.3% | 18 | 7.9% | 36 | 15.2% | 28 | 12.1% | 31 | 13.2% | 30 | 13.0% |
| Residential Strata | 233 | 117,736 | 18% | 8 | 3.6% | -1 | -0.5% | 15 | 6.3% | 8 | 3.5% | 10 | 4.4% | 10 | 4.3% |
| Total Residential | 233 | 124,003 | 24% | 21 | 9.1% | 11 | 4.8% | 28 | 12.0% | 21 | 9.0% | 23 | 10.0% | 23 | 9.8% |
| Light industry | 779 | 104,487 | 4% | -63 | -8.1% | 38 | 4.8% | -96 | -12.4% | -64 | -8.2% | -57 | -7.3% | -58 | -7.5% |
| Business and other | 862 | 106,463 | 6% | -55 | -6.3% | 42 | 4.8% | -121 | -14.1% | -56 | -6.5% | -48 | -5.6% | -49 | -5.7% |
| Rec/Non profit | 1,190 | 115,391 | 15% | 18 | 1.5% | 58 | 4.8% | 50 | 4.2% | 229 | 19.3% | 28 | 2.3% | 241 | 20.2% |
Note: $ Chg per $100,000 assessment is the estimated change in property taxes per $100,000 based on 2021 assessments, adjusted by the average increase in assessments for the property class or segment in 2022. For example, a residential single-family property that was $100,000 in 2021 is projected to have an assessed value of $127,639 in 2022, based on the total percentage change for that property class/segment. The projected dollar change in taxes shown above ($ Chg) includes the effect of the assessed value increase AND the impact of the applicable scenario.
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Extracted from: 2022 04 12 Committee of the Whole Agenda - Agenda - Pdf