Terrace Council Gives First Three Readings to 2022 Municipal Tax Rate Bylaw

Terrace City Council has given first, second, and third readings to their 2022 Tax Rate Bylaw.

If adopted, that bylaw would set the municipal portion of property taxes at $5.38 per $1,000 of assessed value for residential properties.

For most non-industrial businesses, that rate works out to $25.21 per $1,000, with a list of utility, industrial, agricultural, and recreational rates available at CFNR FM dot CA.

In January, Council locked in a 5.52 percent municipal property tax increase.

Tax rate bylaws must be established and submitted to the Ministry of Municipal Affairs by May 15th of each year.