Item No. 11.2

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Council Report: C 44/2020

Subject: 2020 Tax Policy Decisions and the Establishment of the 2020 Final Property Tax Rates – City Wide

Reference:

Mayor and Members of City Council To:

Recommendation:

THAT City Council RECEIVE the information contained in the 2020 Tax Policy Report; and,

THAT City Council APPROVE the following Tax Policy Principles which have been used to calculate the 2020 Final property tax rates:

1. THAT the Optional Tax Classes of office building, shopping center, parking lot/vacant land, and large industrial CONTINUE to be used in the establishment of annual property tax rates.

2. THAT tax reductions for the first and second sub-classes of farmland awaiting development BE RECONFIRMED at their present level of 65% and 30% respectively.

3. THAT Administration RETAIN a blended rate of 30% as the discount on excess commercial and vacant and excess industrial land.

4. THAT the Municipality SET the threshold on the tax level for eligible new construction at 100%; and, THAT City Council APPROVE the 2020 Total Tax Rates as presented in Table 1; and,