According to a staff report, more than 16,000 North Bay homeowners will see a drop in taxes when the bills go out in June.
On the flip side of the proverbial coin, nearly 1,600 residential taxpayers will see an increase.
City staff has made a recommendation of keeping tax ratios steady at 2017 levels.
An increase of less than 1.5 per cent on a residential assessment will mean a decrease in your tax bill under the formula.
The tax levy takes the property assessment and assigns a tax rate to that property. Meanwhile, the tax ratio determines how the burden is divided among tax classes.
The City of North Bay’s Manager of Revenues and Taxation, Marc Gauthier, and Chief Financial Officer Margaret Karpenko spent a portion of Tuesday’s committee meeting going over tax ratios and rates for the different tax sectors in the city.
The two noted the growth in both the commercial and industrial sectors. Councillor Derek Shogren asked how North Bay’s commercial sector, with a growth of 2.3 per cent, compared to other northern markets.
Staff responded that commercial rates are the best in the north from among North Bay, Thunder Bay, Timmins, Sault Ste. Marie and Sudbury.
