ANNUAL PROPERTY TAX RATES (2024) BYLAW NO. 10547

Tax Rates: Prior to calculating new tax rates based on the Council approved increase of 5.62%, the prior year's tax rates are adjusted to account for changes in assessment values of existing prope1iies from one year to the next. Adjusting tax rates ensures the City collects the same amount of taxes from each class in the current year as it did in the previous year. In general, when assessment values increase, the base tax rate decreases and conversely, when assessment values decrease, the base tax rate increases. Once the base rates are adjusted, the Council approved tax increase is applied to the base rates to detennine the new rates for the cmTent year for each assessment class.

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