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The residential tax rate has increased from 5.0885 in 2011 to 5.2128 for 2012.
Although estimates earlier this year had the major industrial rate decreasing, it will now increase from 26.4255 in 2011 to 27.0710 in 2012. The light industrial rate is also increasing, from 25.7950 in 2011 to 26.4251 in 2012
The business tax rate will go up from 14.3166 in 2011, to 14.6661 in 2012. Recreation will increase from 10.7248 in 2011 to 10.9870 in 2012. Lastly, the farm rate goes up from 14.0075 in 2011 to 14.3497 in 2012.
This year’s Operating Budget was balanced by increasing tax revenues three per cent, transferring two per cent from fair share, not increasing staff, and moving $1.16 million from the Tax Stabilization Account. At a meeting earlier this year, City Manager Dianne Hunter explained the necessity for a tax increase is difficulty in accessing as many grants as last year.
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