Tax increase of more than eight per cent in the offing for TerraceBC property owners
Terrace property owners could be headed for tax increases of more than eight per cent indicates a thorough breakdown of operating expenses for next year provided to city council Dec. 1.
A good part of the general tax increase is it will help the city pay its new hires and provide wage increases, Greenlaw noted. Another $45,000 is needed for firefighter wage increases, while $102,842 is needed for a combined economic development officer/deputy city manager position and a part time office worker.
The tax hike projections are just for municipal spending. The city also collects taxes for other government functions like schools but those 2023 impacts are not yet known.But the seven years before that featured more modest hikes of between two and four per cent. In two of those years, there was no increase.
One piece of encouraging news is the anticipated $100,000 to come from taxing new construction and new developments.
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