Grand Fork’s budget should be finalized by next month.
In less than two minutes from start to finish, city council held a special meeting Wednesday (April 16) to approve the first three readings of the annual tax rates bylaw.
The special meeting allows council to give its final seal of approval May 5 to the budget ahead of the May 15 deadline in the B.C. Community Charter.
This year’s budget will see taxes increase on average about 6.2 per cent or about $83 on a home assessed at $423,000 (around $19.75 on every $100,000 of assessed value on a residential home).
A report to the council’s committee of the whole on Tuesday shows the value of all residential properties has increased $12.7 million (1.7 per cent) from 2024, mostly due to new construction, additions and renovations.
On the commercial side, the value of all properties has increased $3.6 million (3.5 per cent).
The increased value of residential and commercial value will bring in approximately $70,500 more in tax revenue.
Overall, the city intends to collect nearly $4.6 million in taxes – about 6 per cent or $260,000 more than last year.
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