Who will bear the burden: homeowners or businesses?
Back in February, Sault Ste. Marie city council set this year's operating budget levy at $134.3 million.On Monday, our councillors will make another important decision: how that tax burden should be distributed among tax classes: residential, industrial, commercial, etc.
Back in 2016, the city passed a long-term tax policy calling for residential class increases to be kept at or less than the levy increase, with decreases to the industrial and commercial classes.But assessment and revenues are bouncing back, and on Monday, councillors will be asked to approve new tax ratios aimed at minimizing the impact on residential and multi-residential classes, while still maintaining a decrease in the tax ratios for the industrial and commercial ratepayers.
If Lisa Petrocco, the city's taxation manager, gets her way, 83.8 per cent of the residential properties will increase by $17.75 a month or less for municipal taxes.These calculations don't take into account the effects of education taxes or tax capping.
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