Squamish's languishing property values have placed a larger share of the municipal tax burden on residential properties.
This year, property assessments fell across the board, some more steeply than others. As a result, the burden of taxation has landed on single-family dwellings, Joanne Greenlees, the District of Squamish's general manager of financial services told council at its Committee of the Whole meeting on Tuesday (April 10).
The average assessment for a residential strata unit dropped 8.9 per cent from last year, while a single-family dwelling assessments fell 2.4 per cent. Consequently, the proposed 7.5 per cent 2012 municipal tax increase will bump single-family dwelling taxes up 10.9 per cent and while hitting residential stata units with a 3.5 per cent increase.
The reduction in property assessments means land designated for light industry and business will see lowered municipal taxes this year. Light industry's average property assessments dropped by 4.9 per cent, equalling a 4.4 per cent cut in municipal taxes - the equivalent of $222 for the average business. Businesses will see an 8.7 per cent drop on their tax bills, equalling approximately $449.
Some local business owners have complained that their taxes are too high, Coun. Doug Race said, noting the latest numbers show this is not the case. Based on 2010 B.C. local government statistics, the most current figures available, the taxes are on par with the rest of the province's municipalities. In Squamish, light industry accounts for 1.76 per cent of the municipal tax burden, approximately half of the provincial average.
District officials expect to have the new budget in place by May.
- Rebecca Aldous, The Chief
