The Town of Peace River is increasing its tax rate, but residents should not expect an increase.
Council approved the tax bylaw at Monday’s meeting and while the rate has increased, the assessment value has dropped as well.
The bylaw includes a 2.7 percent increase for single family homes, but the assessed value dropped by the same percentage.
The non-residential rate has been raised by 5.4 percent, but that will also be offset due to a drop in assessed value.
The town originally needed $11,317,810 for this year’s budget, but was able to find an additional $16,340 in savings during a financial review.
The town is also offering support to residents and businesses affected by COVID-19.
While property taxes are due on June 30, the bylaw council approved states that there will be no late penalties enforced until October 1.
In a letter circulated to council, lost interest from late tax payments would come out to an estimated $52,500.
Click here to see the document shown to council.
– Kenny Trenton, Trending 55 Newsroom
