An increase in tax rates for the Town of Yarmouth this year.
The residential rate is $1.66 per $100 of assessment, and the commercial rate is $4.28 per $100 of assessment.
That’s an increase of two cents over last year, but still a decrease from rates two years ago.
Mayor Pam Mood explains.
“Basically, assessments have been stagnant for quite some time. We have to make up on the other end for that, so it’s a two cent increase, which is very minimal for commercial and residential properties.”
There is a small surplus of $2,430.
Mood says in municipal financial indicators done by the province this year, the town received a ‘red’ flag because they didn’t have a large surplus in the bank.
Mood says that’s because they continue to fix their infrastructure on an on-going basis , and the town continues to do it the right way.
Yarmouth town council approves 2018/19 budget. Small surplus of $2,430. Residential tax rate: $1.66 per $100 of assessment.
Commercial tax rate: $4.28 per $100 of assessment. Tax rates rise two cents, but still lower than the rate two years ago. pic.twitter.com/bOC3SH9Acr— Y95 – CJLS (@CJLSRadio) June 14, 2018
