There is no increase in the mil rate in Corner Brook, but most property taxes are on the rise, as well as some fees.
The west coast city tabled its municipal budget yesterday evening.
Expenses are forecast to rise by just over five percent, including a 39 percent increase in the cost of chemicals for the water treatment plant, which means residents will pay an extra $20 a year while businesses will pay $30 more for water tax.
Although there is no change in the mil rate, assessments are up for the 2023 tax year by around 5 per cent meaning some residents will see an increase in their tax bill of $92 per year, or $7.70 per month.
Commercial property value has dropped by one per cent, however, the tax rate for professional operations and banks have increased by eight per cent and 11 per cent respectively, which the city says will offset decreases in assessed values
The debt service ratio for 2023 is 9.19 per cent, an increase from last year’s 8.85 per cent.
As for upcoming projects, Corner Brook is hoping to put more money into its STAR tourism initiative, further work on the new regional recreation centre with the establishment of a director of recreation position, continue road, asphalt, sidewalk, and sewer upgrade work, upgrade trail infrastructure, and conduct a leak detection study to cut down on water usage.
