Smithers residents won’t be facing as big of a tax increase as initially anticipated, should the Town’s Five Year Financial plan be approved.
Council gave the first three readings to the plan last week, setting the proposed municipal property tax rate increase at 5.2 percent.
Original projections had pinned the increase at 8.7 percent, but budget changes approved in March dropped that to 6.7 percent.
But the Town was able to reduce the rate even more, thanks to tax burden sharing on over $18 million in new non-market assessment values.
At the new rate, the owner of an average residential property in Smithers, valued at $498,000, would pay roughly $1,855 in municipal taxes 2023.
That marks an increase of roughly $100 compared to last year.
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