The city has officially approved this year’s budget. The average home owner is looking at a three and a half per cent increase, and that is after you factor in both parts of the budget.
The mill rate is decided on by the city, which is set at a minus one per cent change. However Mayor Steve Black says the average home assessment, set by MPAC, is going up for most home owners by an average of four point five per cent. Depending on where you sit in the re-assessment will decide what your overall tax impact will be. Black says that means if you had a zero assessment change on your house, you will see a negative one per cent tax change. But, if you had a four per cent increase on your assessment, you will see a three per cent hike overall.
Black says whatever your assessment changes were, minus one per cent, will be your tax impact for this year. That equals out to $139 or less for 90 per cent of homeowners in Timmins.
The biggest item in the budget is wages and benefits, which go up every year as per collective agreements. However Black says that number is reasonable, with the increase set for one per cent for the next couple of years. The city is also investing significantly more to the capital budget to get some projects off the ground. That includes things like roads, the Hallnor Industrial Park, the aquatic centre design, and upgrades to the Hollinger Park splash pad and parking lot.
The total net increase is just under $3.4 million.