Council has decided to dip into the so-called rainy day fund for $15-million to provide relief for businesses that are suffering through the economic downturn and could get hit hard with property tax increases.
While council has voted for a property tax freeze, people may see an increase or decrease depending on what their property assessment comes in at.
For residential properties, if you’re assessment goes down by 4%, there will be a tax freeze, however, for non-residential properties the numbers are a lot different.
The concern is that downtown properties will see a bigger assessment drop and businesses outside the core will pay more because their assessments aren’t dropping as much.
However, because of the Municipal Government Act, the city is limited in how it can provide help.
Administration will spend the next few weeks looking at options to report back to council either at the end of the year or in early January.