STAFF REPORT: EAGLE CREEK VILLAGE PROPERTY TAX ESTIMATE
Informational report estimating that the Eagle Creek Village project will translate to approximately $725,000 in municipal property taxes once complete.
TOWN OF VIEW ROYAL COUNCIL
TO: Council DATE: October 13, 2014 FROM: Jeannie Beauchamp, Director of Finance MEETING DATE: October 21, 2014
EAGLE CREEK VILLAGE PROPERTY TAX ESTIMATE
RECOMMENDATION:
THAT Council receive the October 13, 2014 Eagle Creek Village Property Tax Estimate Report for information.
CHIEF ADMINISTRATIVE OFFICER'S COMMENTS:
I concur with the recommendation.
PURPOSE OF REPORT:
To provide Council with information regarding a municipal property tax estimate from the Eagle Creek Village project.
INFORMATION:
At the March 10, 2014 Special Committee of the Whole meeting, Councillor Rogers requested an estimate of the property taxes that will come from the Eagle Creek Village project.
BC Assessment was contacted and worked with staff to establish a preliminary assessment estimate of $113 million, $65 million of commercial assessment, and $48 million of residential. The assessment is an estimate based on current available information and is subject to change. The assessment from the project will translate to municipal property taxes in the neighborhood of $725,000 once the project is complete. Conditional on the actual timing of construction, staff expects the majority of this increase in municipal property taxes to occur in the 2016 and 2017 fiscal years.
RECOMMENDATION:
THAT Council receive the October 13, 2014 Eagle Creek Village Property Tax Estimate Report for information.
SUBMITTED BY: J. Beauchamp, Director of Finance
REVIEWED BY: K. Anema, Chief Administrative Officer
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