Appendix
Schedule B: 2020 Tax Rate Scenarios Summary
April 14, 2020Page 2591 section
Summary comparison of the projected tax dollar change per $100,000 of assessed value across five different tax scenarios.
Scenario B1 shortfall: $488,300Scenario B3 shortfall: $301,200Residential single family Scenario A increase: $3 per $100k assessment
Schedule B: 2020 Tax Rate Scenarios
Summary of impact on $100,000 assessed value (2019)
Scenario Descriptions:
- Scenario A: Increase evenly across tax classes, no change to tax ratios
- Scenario B1: 0% increase to total tax revenue ($488,300 shortfall)
- Scenario B2: 0% increase to average residential tax ($256,900 shortfall)
- Scenario B3: 0% increase to prior year tax base ($301,200 shortfall)
- Scenario C: Decrease Classes 5 and 6 ratios to 3.1 and 3.3 respectively
Changing Tax Ratios
| Property Class | Prior Year | Scenario A | Scenario B1 | Scenario B2 | Scenario B3 | Scenario C |
|---|---|---|---|---|---|---|
| Utilities | 17.6425 | 17.2544 | 18.2202 | 17.7494 | 17.8377 | 16.9022 |
| Light industry | 3.3385 | 3.3385 | 3.3385 | 3.3385 | 3.3385 | 3.1000 |
| Business | 3.5500 | 3.5500 | 3.5500 | 3.5500 | 3.5500 | 3.3000 |
| Rec/Non profit | 4.7265 | 4.7265 | 4.7265 | 4.7265 | 4.7265 | 4.7265 |
| Farm | 9.2315 | 9.2315 | 9.2315 | 9.2315 | 9.2315 | 9.2315 |
Resulting Tax Rates
| Resulting Tax Rates | Class | Prior Year | Scenario A | Scenario B1 | Scenario B2 | Scenario B3 | Scenario C |
|---|---|---|---|---|---|---|---|
| Residential | 1 | 2.26725 | 2.31825 | 2.19537 | 2.25359 | 2.24245 | 2.36655 |
| Light industry | 5 | 7.56922 | 7.73947 | 7.32924 | 7.52362 | 7.48641 | 7.33631 |
| Business and other | 6 | 8.04875 | 8.22978 | 7.79356 | 8.00026 | 7.96069 | 7.80962 |
| Rec/Non profit | 8 | 10.71617 | 10.95720 | 10.37642 | 10.65161 | 10.59892 | 11.18550 |
Resulting Taxes
| Property Type | Prior Year Taxes on $100,000 Property | Prior Year $100,000 Property Adjusted by 2020 Market | Market % Chg | Scenario A $ Chg | Scenario A % Chg | Scenario B1 $ Chg | Scenario B1 % Chg | Scenario B2 $ Chg | Scenario B2 % Chg | Scenario B3 $ Chg | Scenario B3 % Chg | Scenario C $ Chg | Scenario C % Chg |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Residential Single Family | 227 | 99,067 | -1% | 3 | 1.3% | -9 | -4.1% | -3 | -1.5% | -5 | -2.0% | 8 | 3.4% |
| Residential Strata | 227 | 101,780 | 2% | 9 | 4.1% | -3 | -1.4% | 3 | 1.2% | 2 | 0.7% | 14 | 6.2% |
| Total Residential | 227 | 100,366 | 0% | 6 | 2.6% | -6 | -2.8% | -1 | -0.2% | -2 | -0.7% | 11 | 4.8% |
| Business and other | 805 | 102,542 | 3% | 39 | 4.8% | -6 | -0.7% | 15 | 1.9% | 11 | 1.4% | -4 | -0.5% |
| Rec/Non profit | 1,072 | 108,452 | 8% | 117 | 10.9% | 54 | 5.0% | 84 | 7.8% | 78 | 7.3% | 141 | 13.2% |
Note: $ Chg per $100,000 assessment is the estimated change in property taxes per $100,000 based on 2019 assessments, adjusted by the average increase in assessments for the property class or segment in 2020. For example, a single-family residential property that was $100,000 in 2019 is projected to have an assessed value of $99,247 in 2020, based on the total percentage change for that property class/segment. The projected dollar change in taxes shown above ($ Chg) includes the effect of the assessed value increase AND the impact of the applicable scenario.
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Extracted from: 2020 04 14 Special Council Agenda - Agenda - Pdf