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Local ratepayers will have to pay slightly more in their property taxes this year.
The increase amounts to a 3.32 percent increase.
Director of Finance Ryan Marsh says they are evening out the tax burden amongst all classes.
“The Industrial (rate) is higher. So we’re recommending reducing it slightly to fall beneath the thresholds. In my opinion it’s a positive movement in terms of being supportive to the Commercial and Industrial classes.”
CAO for the City of Kenora Kyle Attanasio says they did a review of the tax rates and council has agreed that all classes share equally in any year to year levy increases.
“This is actually a small course correction,” Attanasio reported to city council.
“It will actually provide a little bit more consistency and certainty to businesses because they’ll know when council passes a tax increase, they’ll know when their taxes are going up. Whereas right now there’s a bit of distortion.”
The city is following recommendations contained in a Tax Policy Study report that was recently released.
The report suggests “the adjustment will benefit all tax classes by fairly distributing inflationary levy increases in the future. This will also lower risk of big shocks that are associated with reassessment and economic changes.”
Council had passed the municipal budget earlier this year with a 3.17 percent increase.
