The combined municipal and school tax rate for residential properties in Vermilion will face a 1.19% increase.
The Council for the Town of Vermilion initially proposed a 0.75% increase to municipal residential tax rates. However, the Provincial School Requisitions increased 9% , with that in mind, the Town of Vermilion reduced the tax increase to o.2% to accommodate the provincial school tax rate increases.
For non-residential properties, the increase will be approximately 2.3% for municipal and school rates combined.
Mayor Bruce MacDuff says, “Council adjusted the municipal portion of taxes in order to reduce the overall non residential rates for 2017. The provincial non residential school tax rate increases 24.4% in 2017 so the Municipal non residential tax rate was decreased by 3.7% to ease the burden to those business property owners.”
The municipality is asking for a 0.76% decrease in the municipal levy, which would mean an overall municipal levy of $4, 959, 563.
The Council has also committed $7, 920, 750 towards the 2017 capital budget.
The assessments for commercial and industrial properties increased by 4%, while residential properties did not increase and many other areas saw a reduction in assessments. Overall the resulting total assessment increase is 0.34%.
On average, most residential and non residential properties will see a slight increase in their property taxes.