TAYLOR, B.C. — The District of Taylor’s five year financial plan bylaw passed first three readings at Tuesday’s Council meeting.
The District is following the lead of Fort St. John in largely maintaining the status quo in terms of tax revenue collected by raising tax rates to account for a drop in home value assessments. The average price of a home in Taylor fell from $336,000 to $320,000 this year, while tax rates will be rising from $3.24 to $3.40 per $1,000 in value.
Though mill rates are increasing by 16 cents per $1,000 in home value, residents with a home of average value will actually pay 64 cents less in property taxes this year. Taylor still has the second-lowest residential property tax rate of any municipality in the Peace River Regional District, behind only Pouce Coupe’s residential mill rate of around 2.8 percent.
Taylor’s business mill rate of 5.55 cents per $1,000 is also the lowest in the PRRD, while its major industry mill rate is the second-highest at 44.22. Only heavy industry in Tumbler Ridge pays a higher rate.
In total, Taylor will be bringing in $14,374,223 this year, with $6.3 million to be spent on operating expenses, and $7.4 million on capital expenditures. The Disitrct will be borrowing roughly $3.75 million to begin development of the Parcel Z subdivision. The District began moving forward on developing the 8.9-hectare triangle shaped plot of land west of Spruce St. in December. The District plans to develop the land, which it owns, before selling the up to 65 lots zoned for single family houses to the public.
After passing the first three readings, District of Taylor Financial Plan Bylaw No. 825, 2018 is due to be adopted at the next District meeting.