Amherstburg Tax Increase Down To 3.85%April 24, 2014 4:47am
All Amherstburg needs now is for town council to give its final approval, and residents will see a combined property tax increase of 3.85%.
That works out to another $55 per year on a home valued at $174,000, the median value of a home in Amherstburg.
The rate increase is also without the $12-million offer from Chatham-Kent utility Entegrus for the town’s shares in Essex Power. CAO Mike Phipps says he’s preparing a report detailing how the offer will affect the town’s finances for May 6 when town council holds a special meeting to discuss the impact.
Phipps says an almost complete audit into expenses in 2013 helped council whittle down the increase. “It provided an estimated $493,000 surplus from 2013, and the council opted to take $293,000 of that and apply it that toward this year’s budget.” Another $200,000 will go into a tax stabilization reserve.
A date to finalize the budget isn’t confirmed, but Phipps says it will either be next week or at council’s next scheduled meeting on May 5.