St. John's mill rate reduced
Tax revenue for 2013 still expected to exceed 2012
The mill or property tax rate for St. John's residents is going down.
It will drop from 10.6 to 8.1 in 2013 as part of the city's budget passed Monday by councillors, although finance committee chair and Ward 1 councillor Danny Breen said it is expected to rise again in 2014 and 2015.
Still, Breen said the city expects to collect $77 million in property taxes in 2013, about $6 million more than this year. That's due in large part to big increases in property assessments.
Businesses will also receive a mill rate reduction, from 31.4 this year to 26.2 in 2013.
However, fees for developers building new homes and commercial properties will double, from $1,000 to $2,000 per property.
Commerical water taxes will also go up, but residential water tax will remain the same.
The city's total expenditures for next year are projected to be more than $244-million, the biggest budget on record.
The budget was passed unanimously.