North Bay City council has approved this year’s residential tax rate as part of the 2020 budget.
For residential customers, the rate is set at 2.62 per cent but after a reduction in education tax rates, it will come in a bit lower. The number was approved after Tuesday night’s first-ever virtual meeting of city council.
The rate is used to calculate what the tax increase will be in each sector.
“The budget was approved on December 12, 2019,” Mayor Al McDonald said. “With the education tax rates factored in, the rate could come down to 1.8 per cent.”
So how does that bode for the North Bay taxpayer?
“Your house, if it didn’t go up in value and stayed the same, your taxes will go up about 1.8 per cent,” McDonald said.
McDonald says the city still plans on investing in infrastructure this year.
“We’re building Cassellholme, we’re building the twin pad [community centre],” he told Moose FM. “We’re investing millions in infrastructure.”
The median home price in North Bay was valued at $223,000, which means homeowners could see an additional $60.39 on your 2020 bill.
Originally, the budget was approved in December 2019 with a 5.02 per cent increase.