Call it a case of beer or a restaurant meal. Any way you frame it, Langford homeowners will be paying about $26 more in property taxes this year.
Langford is proposing a 2.9 per cent residential tax hike for 2012, which amounts to a $26 increase for the average $415,000 home. The municipal portion of an average Langford tax bill will be $932, according to a staff financial report.
That translates to about $224 in taxes per $100,000 of a property’s value. Even with the modest hike, Langford’s administration points out the City’s municipal tax rate is lowest among the Capital Region’s 13 municipalities.
“The proposed 2.9 per cent tax increase in the face of increased costs for growing infrastructure and the difficulties of the current economic environment has been a challenge,” said a finance committee financial report. “But Langford’s economic position is still strong relative to other areas.”
Langford will collect nearly $12 million in property taxes this year, about 62 per cent of the total. Langford commerical businesses had their tax rate cut slightly (as did light industry and recreational and non-profit properties), and will pay about $7 million in taxes or 37 per cent of the total.
Businesses will pay three times the property tax of residential, down from a multiple of 3.16 last year.