Schedule 2 Summary of impact on prior year $100,000 property value
A summary of the estimated dollar change in taxes per $100,000 of assessment, adjusted for current year market changes.
Schedule 2 Summary of impact on prior year $100,000 property value
Summary of impact on prior year $100,000 property value, adjusted for current year market change
Proposed No change to tax ratios from prior year; change all tax rates by same percentage
Changing Tax Ratios (shown in red text)
| Category | Prior Year | Proposed |
|---|---|---|
| Utilities | 20.1296 | 20.4356 |
| Light industry | 3.9620 | 3.9620 |
| Business | 4.3018 | 4.3018 |
| Rec/Non profit | 6.0000 | 6.0000 |
| Farm | 11.5800 | 11.5800 |
Resulting Tax Rates
| Resulting Tax Rates | Class | Prior Year | Proposed |
|---|---|---|---|
| Residential | 1 | 1.98712 | 1.95737 |
| Light industry | 5 | 7.87298 | 7.75511 |
| Business and other | 6 | 8.54820 | 8.42023 |
| Rec/Non profit | 8 | 11.92273 | 11.74424 |
| Farm | 9 | 23.01088 | 22.66639 |
Resulting Taxes
| Resulting Taxes: | Prior year taxes on $100,000 property | Prior year $100,000 property adjusted for 2023 market | Market % Chg | $ Chg | % Chg |
|---|---|---|---|---|---|
| Residential Single Family | 199 | 110,659 | 11% | 18 | 9.0% |
| Residential Strata | 199 | 117,143 | 17% | 31 | 15.4% |
| Total Residential | 199 | 112,182 | 12% | 21 | 10.5% |
| Light industry | 787 | 104,530 | 5% | 23 | 3.0% |
| Business and other | 855 | 110,290 | 10% | 74 | 8.6% |
| Rec/Non profit | 1,192 | 126,244 | 26% | 290 | 24.4% |
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.