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Municipal Property Taxes


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#301 tommy

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Posted 09 June 2022 - 08:55 AM

If the mill rate for Victoria property taxes decreased by 12 % and my assessed property value increased by 22% from last year.....didn't the city of Victoria just receive an increase of 10% +- in dollars? Imagine the impact on total revenue across the city.

 

What am I missing?

while your assessment was above average and taxes went up for you, there will be a balancing offset of folks whose assessment was below average and their taxes went down

 

so the net for the city shoukd be the same (the same being whatever  %  increase they budgeted for, that is!)


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#302 spanky123

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Posted 10 June 2022 - 09:48 AM

If the mill rate for Victoria property taxes decreased by 12 % and my assessed property value increased by 22% from last year.....didn't the city of Victoria just receive an increase of 10% +- in dollars? Imagine the impact on total revenue across the city.

 

What am I missing?

 

The average residential property value increase was 16% so the mill rate was based on that and the desired 3.9% overall tax increase. If your property increased in value by 22% then your taxes would have gone up more than 3.9%. 



#303 DavidC

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Posted 11 June 2022 - 05:35 PM

The average residential property value increase was 16% so the mill rate was based on that and the desired 3.9% overall tax increase. If your property increased in value by 22% then your taxes would have gone up more than 3.9%. 

Seems to make sense…

Assessment up 5% and property tax down 8%.

Not all roses though, strata fees up 15%.  


Edited by DavidC, 11 June 2022 - 05:35 PM.


 



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