Your property tax rates will be set on Monday

Back in February, Sault Ste. Marie city council set this year's operating budget levy at $134.3 million.

That overall levy will be up 4.86 per cent from 2022.

On Monday, our councillors will make another important decision: how that tax burden should be distributed among tax classes: residential, industrial, commercial, etc.

Back in 2016, the city passed a long-term tax policy calling for residential class increases to be kept at or less than the levy increase, with decreases to the industrial and commercial classes.

COVID-19 and a lack of growth in assessment and municipal revenues thwarted that intention.

But assessment and revenues are bouncing back, and on Monday, councillors will be asked to approve new tax ratios aimed at minimizing the impact on residential and multi-residential classes, while still maintaining a decrease in the tax ratios for the industrial and commercial ratepayers.

If Lisa Petrocco, the city's taxation manager, gets her way, 83.8 per cent of the residential properties will increase by $17.75 a month or less for municipal taxes.

Here are the increases our councillors will be asked to approve:

• residential - 4.77 per cent
• new multi-residential - 4.82 per cent
• multi-residential - 4.82 per cent
• commercial occupied - 2.60 per cent
• commercial excess land - 2.55 per cent
• shopping occupied - 2.61 per cent
• shopping excess land - 0.00 per cent
• office occupied - 2.61 per cent
• office excess land - 0.00 per cent
• parking/vacant land - 2.60 per cent
• industrial occupied - 2.52 per cent
• industrial excess land - 2.49 per cent
• industrial vacant land - 2.62 per cent
• large industrial occupied - 2.61 per cent
• large industrial excess - 2.61 per cent
• landfills - 0.00 per cent
• pipelines - 4.43 per cent
• farm - 4.46 per cent
• managed forests - 4.45 per cent

These calculations don't take into account the effects of tax capping or education taxes, which the city collects on behalf of the Ontario government.

Petrocco says the tax policy will be updated in time for for the next reassessment cycle.

Also on Monday, council is expected to authorize tax capping options protecting owners of commercial and industrial properties from significant property tax increases.

Monday's city council meeting will be livestreamed on SooToday starting at 4:30 p.m.