Mount Pearl council takes scissors to tax rate
Last Updated: Wednesday, December 20, 2006 | 7:22 AM NT
CBC News
Mount Pearl city council lowered its tax rate Tuesday evening while paving the way for the largest budget in its history.
Council approved a residential tax rate cut of 1.5 mills, steeper than similar cuts in neighbouring St. John's and in Newfoundland and Labrador's other city, Corner Brook.
Mount Pearl Mayor Steve Kent says lower borrowing costs will free up cash for other needs.
(CBC)
Mayor Steve Kent said the city's $28-million budget will be balanced because of higher property assessments and growth in the city. Kent added borrowing 2007 is expected to come in at one of the city's lowest levels in years.
"We believe in living within our means and we'll borrow only absolutely what is necessary," Kent said.
"The fact that we've been able to reduce our debt is significant and it frees up funds to take on large capital projects that are on the horizon over the next number of years."
The city is dropping the commercial tax rate by one mill.
The mill rate is the tax paid per dollar of assessed value of property, with one mill equal to $1 per $1,000 of assessed value.
In St. John's, the residential tax rate was cut last week by 1.2 mills, while Corner Brook lowered its rate on Monday night by 1.25 mills.
Kent said Mount Pearl will spend almost $4 million on capital projects next year, although he admits the amount is only half of what is needed.
Mount Pearl has also increased its property tax discount to low-income seniors from 15 per cent to 20 per cent.
Share Tools
Latest Nfld. & Labrador News Headlines
- Families want Cougar 491 memorial to be built
- Nearly three years after a Cougar helicopter crashed into the Atlantic Ocean, families of the 17 people killed in the disaster hope to see construction of a promised memorial. more »
- Storm damage prompts St. John's capital works review
- St. John's is taking a second look at its priorities for capital spending, in the wake of record-setting rainfall over the weekend. more »
- 'Stars are lining up' for Muskrat Falls, PUB told
- The head of the Crown corporation wanting to develop Muskrat Falls says that the time is right for the megaproject. more »
- Call-back protocol for searches to be reviewed: MacKay
- Defence Minister Peter MacKay has asked for a review of the search and rescue protocol that puts the responsibility on searchers to call the military back for help. more »
Top News Headlines
- Air Canada confident it can reach deal with pilots
- Travellers flying Air Canada can keep booking their flights as negotiations continue with a new federally appointed mediator to help resolve an ongoing contract dispute between the airline and its pilots. more »
- Legalize pot, say former B.C. attorneys general
- Four former B.C. attorneys general are joining a coalition of health and justice experts calling for the legalization of marijuana. more »
- Whitney Houston's funeral to be held Saturday
- Pop star Whitney Houston's funeral service will be held Saturday in the New Jersey church where she first showcased her singing talents as a child. more »
- CN blamed for fatal train derailment in Illinois
- CN is being blamed for a 2009 train derailment in Illinois, in which several cars went off the tracks and caught fire, killing one person and injuring seven others. more »
- Cat frozen to driveway gets warm rescue
- Poppy can thefts were 'disrespectful,' addict admits
- 'He wanted to be home with us,' family says of teen
- 'Stars are lining up' for Muskrat Falls, PUB told
- Storm damage prompts St. John's capital works review
- Ches's armed robbery video released
- Call-back protocol for searches to be reviewed: MacKay
- Families want Cougar 491 memorial to be built
- Snow squalls shut west coast schools
Mount Pearl Mayor Steve Kent says lower borrowing costs will free up cash for other needs.
