Timmins council has approved the 2018 tax rates.
The items were approved at the April 10 council meeting and will see the residential and large industrial tax rates lowered.
For the owner of the average $180,000 home, the -1.58 tax rate will mean an increase of about $26 on their tax bill.
Mayor Steve Black explained the effect of the tax rate will be different for every resident based on their Municipal Property Assessment Corporation (MPAC) assessment.
“I get the calls from all the residents because…everyone’s different based on their own personal assessment change at their house. So the city tax rate going down -1.58 per cent, everyone will be different so you really need to look at your own assessment bill or wait for your tax bill to come in and see what the difference is compared to last year,” he said.
The large industrial tax rate has also gone down, which Black said is something they city has been working on.
“Obviously we have some very major projects that are considering setting up in Timmins with the Noront proposals and the Dome Century Project going through pre-feasibility right now, so having attractive large industrial tax rates, we’re hoping will help encourage those projects to move forward,” he said.
With the budget and tax rates approved, the city will be issuing tax bills. Black said those will likely be out in late May.
