Council to set property tax rate

Kingswood residents will see the largest jump in property tax bills this year while apartment and condo owners could see a savings, according to figures released by city hall.

Property tax notices will be mailed out to homeowners at the end of the month pending formal approval by city council Monday night. The owner of a typical $450,000 home will see a total property tax bill of $4,572.

While the average property tax increase is 2.77 per cent, some homeowners will pay more or less depending on property value changes during the assessment period from July 1, 2008 to June 30, 2009. Citywide, residential properties dropped by 6.38 per cent.

Kingswood residents will see the highest average tax increases at 4.5 per cent due to stronger property values that dropped by just five per cent during the assessment period.

In contrast, Grandin saw the sharpest decline in property values at eight per cent, leading to the smallest average tax increase of 1.3 per cent. Akinsdale wasn't far behind with an average 1.8 per cent property tax increase after values fell seven per cent.

Some property owners will see their tax bills shrink this year due to property values declining more than the citywide average.

Alpine Estates, an apartment condo complex in Akinsdale, saw the sharpest drop in values at 17 per cent. Property taxes in that complex will fall by an average 8.2 per cent. Acadia Terrace and Tudor Glen were not far behind with tax decreases of 7.6 per cent and 7.2 per cent, respectively.

Non-residential taxes

Property taxes for commercial and industrial businesses will increase by a citywide average of 3.16 per cent.