2009-06-03 06:08:51
Tax rates in Bridgewater are being held at the same level as last year. Town council unanimously passed a budget last night keeping the residential rate at $1.628 and the commercial rate at $3.721 per one hundred dollars assessment. Mayor Carroll Publicover says higher assessments and some department cost cutting helped them to achieve the status quo with rates. Publicover says they are hoping to expand town services while keeping taxes in check. The mayor says fortunately the province hasn't been as hard hit by the recession as other areas like Ontario.
Moved by Deputy Mayor Walker, seconded by Councillor Ritcey that Town Council for the Town of Bridgewater approve the 2009/2010 budget tabled as follows: 1. the Capital Budget in the amount of $3,136,951, which is partially funded by borrowing $200,000 from the capital reserve fund to be repaid in equal annual payments over 10 years with interest paid annually at a rate of 6%; 2. Operating expenditures in the amount of $16,347,022 which includes $404,948 Capital out of Revenue; $110,116 Transfer to Reserves; and $1,214,638 for Principal Repayment; 3. the Operating Revenue of $16,347,022; 4. Commercial Tax Rate including Business Occupancy Tax Rate to be set at $3.721 per $100 of the full assessed value of the property; 5. Residential Tax to remain at $1.628 per $100 of the adjusted assessed value after cap; 6. a special purpose parking tax for all commercial assessment in the parking services district as follows: i. $0.0743 per $100 of the assessed value for all commercial property assessments except for those occupied by financial institutions; and ii. $3.198 per $100 of the assessed value for commercial property assessments for those occupied by financial institutions; and 7. the interest rate paid on reserves be set at 0%. And that the final tax bill will become due on Wednesday, September 30, 2009; and that the interest rate on overdue accounts be set at 12% per annum, charged at 1% per month. Motion Carried.