Terrace City Council has given first, second, and third readings to their 2022 Tax Rate Bylaw.
If adopted, that bylaw would set the municipal portion of property taxes at $5.38 per $1,000 of assessed value for residential properties.
For most non-industrial businesses, that rate works out to $25.21 per $1,000, with a list of utility, industrial, agricultural, and recreational rates available at CFNR FM dot CA.
In January, Council locked in a 5.52 percent municipal property tax increase.
Tax rate bylaws must be established and submitted to the Ministry of Municipal Affairs by May 15th of each year.
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