Tip #6(C) Getting Down to Brass Tacks about Property Taxes A handy metric…
… for estimating the impact of tax changes. A 1% change to the #SalmonArm property taxation rate for all tax classes equals ~ $250K in revenues. That’s it!
As per Tip 6(a), property taxes are the main source of #SalmonArm revenues. Here’re a few ways this metric is handy if you’re considering running for local government this fall.
Infrastructure, equipment and services are increasingly expensive.
There are many things that a city regularly needs: new equipment (a new fire truck costs well over $500K – key flow pumps for our water & waste systems cost millions of dollars each), annual paving is well over a million dollars, protective services is the largest budget function, principal & interest borrowed for initiatives are paid back annually and the list goes on & on. Plus, the annual rate of inflation for city goods and services is much higher than the inflation rate for regular folks based on what’s in our basket of required services.
The city does save over time for big spends by judiciously putting funds into reserve but there are many immediate and necessary demands that require more immediate annual funding. If you’re campaigning on increasing or decreasing services …
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