Bylaw No. 1038, 2023 Tax Rates Bylaw

TOWN OF PRINCETON

BYLAW 1038, 2023

TAX RATES BYLAW, 2023

WHEREAS Section 197 of the Community Charter requires the Council to impose property value taxes for the year as provided for in the financial plan; AND Council of the Town of Princeton has implemented said financial plan with the adoption of Town of Princeton Financial Plan Bylaw 2023-2027 No. 1035, 2023, before this bylaw is adopted; NOW THEREFORE, the Council of the Town of Princeton, in open meetin g assembled, enacts as follows:

1. The following rates are hereby imposed and levied for the year 2023:

a. for all lawful general purposes of the Municipality on the value of land and improvements taxable for general Municipal purposes, rates appearing in Column “A” of Schedule “A” attached hereto and forming a part hereof; b. for the purposes of providing solid waste collection, disposal. recycling, and landfill services, rates on the value of land and improvements taxable for general municipal purposes, rates appearing in Column “B” of Schedule “A” attached hereto and forming a part hereof; c. for the purposes of repaying semi -annual loan payments as authorized under Town of Princeton Loan Authorization Bylaw No. 1003, 2021 , rates appearing in Column “C” of Schedule “A” attached hereto and forming a part hereof; d. for Okanagan Regional Library purposes on the value of land and improvements taxable for general Municipal purposes, rates appearing in Column “C” of Schedule “D” attached hereto and forming a part hereof; e. for Okanagan-Similkameen Regional Hospital District (OSRHD) on the value of land and improvements taxable for general Hospital purposes, rates appearing in Column “E” of Schedule “A” attached hereto and forming a part hereof; and f. for purposes of the Regional District of Okanagan -Similkameen on the value of land and improvements taxable for general Hospital purposes, rates appearing in Column “F” of Schedule “A” attached hereto and forming a part hereof.

2. The minimum amount of taxatio n upon a parcel of real property shall be One Dollar

($1.00).

3. As an exception to Section s 1(a), (b) (c) and (d) of this bylaw, the tax rate for municipal

purposes for class 04 (heavy industry) and class 05 (light industry) properties located within the area described in the Supplementary Letters Patent by Order in Council No. 831 approved and ordered December 31, 2015 for the 2017 and beyond taxation year, must not exceed the lessor of 3% or the annual increase in residential taxes, whichever is lessor. For the 2023 taxation year, the total amount of Class 04 (heavy industry) and 05 (light industry) taxation for these specific properties is $12.982192 per $1,000 of assessed value.

4. As per Section 235 (1) of the Community Charter, all Municipal Property Taxes levied by

and due to the Town of Princeton for the 2023 taxation year, with the exception of any taxes eligible to be paid by the Home Owners Grant, must be received by 4:30 PM on July 4, 2023. A 5% penalty will apply to any property taxes not paid at that time. A further 5% penalty will be levied on this remaining balance owing at 4:30 PM on October 3, 2023.

5. Any amount of tax eligible to be paid by the Home Owners Grant which is neither

redeemed through the Province of British Columbia nor paid outright will incur a 10% penalty at 4:30 PM on October 3, 2023.

6. This bylaw may be cited as the “Town of Princeton Tax Rates Bylaw No. 1038, 2023”.

READ A FIRST TIME THIS 19th day of April 2023 READ A SECOND TIME THIS 19th day of April 2023 READ A THIRD TIME THIS 19th day of April 2023 ADOPTED THIS 3rd day of May 2023

Mayor Spencer Coyne CAO Lyle Thomas Original signed by CAO Thomas Original signed by Mayor Coyne Schedule ”A” Tax Rates (rates listed below are per $1,000 of net assessed value) Property Class 1a General Municipal 1b Solid Waste 1c Capital Levy 1c Okanagan Regional Library 1d OSRHD (Regional Hospital) 1e Regional District

01 Residential 2.379042 0.172649 0.326328 0.104306 0.173123 0.117875

02 Utility 31.908560 2.315623 4.376829 1.398987 0.605931 0.412563

04 Heavy

Industrial

46.186236 3.351763 6.335268 2.024973 0.588618 0.400775

05 Light Industrial 29.347418 2.129760 4.025523 1.286698 0.588618 0.400775

06 Business 9.351613 0.678652 1.282741 0.410009 0.424151 0.288794

08 Recreation/Non- Profit

5.778500 0.419349 0.792625 0.253350 0.173123 0.117875