With budget deliberations coming up later this month, CBC News has prepared a tool Regina property owners can use to see how the city's financial plan for a new football stadium may affect their annual tax bill.
The city has committed to building a 33,000-seat facility to replace Mosaic Stadium in time for the 2017 Saskatchewan Roughriders football season.
According to the city, the financial plan relies on property taxes generating $261.9 million for the project.
Notes on the financial plan:
- Number of tax properties in Regina (as of 2008): 69,000.
- The city is assuming annual growth of 2 per cent (more properties to pay taxes).
- Individual taxes may change due to reassessment.
- Currently, the overall average tax paid in Regina is about $2,200. This average, however, includes many large properties with very large tax bills.
- For typical residential properties, the city uses three examples:
|Value of home||2012 Taxes|
To get the millions needed, the plan recommends city council increase taxes every year, for 10 years, by .45 per cent (so the total stadium tax would be .45 in year one, .90 in year two, continuing up to 4.5 per cent in year 10.)
Such a move, combined with general growth of the city, should — according to the plan — generate the target revenue.
Several other sources of revenue will also be used to cover the cost of building the facility and maintaining it over the years.
The calculator is based on information provided by officials from the City of Regina and documents relating to the stadium plan.
To use the tool, simply enter the amount of municipal tax you paid in 2012. Your total tax bill includes the municipal tax, school board tax and library tax. The city portion is about 53 per cent of the total bill.
You can find tax details, for any address in Regina, on the city's website. We have included a direct link to that site, here and in the right hand section of this page.
You may also move the slider on the calculator to see the effect on your taxes, in the future, using different assumptions for a general increase in property taxes.
STADIUM TAX CALCULATOR
(The calculator is based on the assumption that after 10 years, there will be no new tax increases for 20 years.)
According to the city's plan, while the financial model for the stadium relies on a dedicated revenue source from property taxes for 30 years, city council must approve any increase to property taxes every year.
The plan also talks about a potential hotel tax, which could reduce the impact on property taxes.
Council meets on Jan. 28 to consider the stadium plan and the proposed .45 per cent hike to property taxes— for 2013 — to generate money for the new facility.