At the May 11 meeting of Yorkton City Council, Council voted in favour of applying a 60/40 split between residential and commercial properties to the 2.9 per cent tax increase in the previously approved 2020 budget.聽
The Board of Directors of the Yorkton Chamber of Commerce Board considers this a fair decision for the commercial property owners in the city, stated a Chamber release.
President Mike Stackhouse believes this is an indication that Council values business in the city.聽 鈥淥ver the years, commercial property owners have not been happy with the gap between the percentage of taxes commercial properties have had to shoulder compared to those of residential properties,鈥� he said.聽 鈥淭his is a good first step in seeing that gap narrow.鈥�
Depending on the value of the property assessments, the 60/40 split on the tax increase will see, on average, residential properties paying 2- 3% higher taxes while commercial properties will see, on average, a 1.9 per cent increase in their tax bill.
This weighting of the tax increase more heavily on residential properties benefits the business community. 聽 鈥淲hile tax increases cannot be avoided, the shifting of the burden away from commercial properties is certainly a positive move for Yorkton businesses,鈥� said Stackhouse.
The Yorkton Chamber of Commerce is the 鈥渧oice of business in Yorkton鈥�, a membership-based organization representing over 450 businesses.聽
