Taxes are going up in the town of Torbay in 2022.

The town delivered its draft budget in council chambers Wednesday.

The residential mil rate is going up 0.8 mils to 7.5, and the commercial mil rate is increasing to 11.75.

Director of Corporate Services, Derm Snelgrove, explains that it has to do with assessed property values, which he says peaked in 2020, decreased in 2021, and will decrease further in the new year.

He says total values decreased from over $1-billion in 2020 to $949-million in 2022, which results in a loss of $690,000 in tax revenues for the town.

Despite the change in mil rates, Snelgrove says it isn’t a “true tax increase.”, because that 7.5 mils will result in $800,000 in tax revenue.

He says that results in a tax increase to ratepayers of about $110,000, spread over 3,500 households, or $30 per house.

A link to the full draft budget presentation can be found here.