Ref­er­en­dum re­sults will mean tax in­crease

The Prince George Citizen - - FRONT PAGE - Ted CLARKE Cit­i­zen staff

Now that votes to re­place the down­town fire hall and the Four Sea­sons Pool have passed as a re­sult of Satur­day’s ref­er­en­dum, city tax­pay­ers will be on the hook to pay for those projects.

The city es­ti­mates the new $15 mil­lion fire hall will cost tax­pay­ers $8.71 per year, per $100,000 of as­sessed value.

On a home val­ued at $300,000, the cost of the fire hall will add $25.35 to the owner’s prop­erty taxes. That’s based on a 20-year loan at an in­ter­est rate of three per cent.

The $35 mil­lion cost of re­plac­ing the pool, which in­cludes the cost of pur­chas­ing the Days Inn mo­tel which now oc­cu­pies the pro­posed site at 600 Que­bec St., will add $19.71 per $100,000 of as­sessed value per year. On a $300,000 home, prop­erty taxes will in­crease $59.13 per year for the 20-year life of the loan to pay for the pool.

Com­bined, the two new build­ings will add $84.48 onto the prop­erty tax bill for an in­di­vid­ual who owns a prop­erty as­sessed at $300,000.

Had the pool re­place­ment project not been passed, the city’s aquatic needs assess­ment, com­pleted in 2016, es­ti­mated the city would still have to spend $10 mil­lion on im­prove­ments to retro­fit the pool to keep it op­er­a­tional.

Newspapers in English

Newspapers from Canada

© PressReader. All rights reserved.