If Bancroft’s draft 2018 budget was approved as is, residents would see their taxes go down by 3.6 per cent.
According to Treasurer Arthur Smith, this would mean the median property assessed at $142,000 would see its municipal taxes drop by $66 a year. This comes after council had its first glance at the draft budget, which was presented earlier today. Smith says this is possible because of an increase in property assessments and Ontario Municipal Partnership Funding, along with a reduction in expenses paid for through taxes.
Mayor Paul Jenkins says there is more work ahead for council, but he does think taxes will go down as proposed once the budget is finalized.
Jenkins says he doesn’t think lowering taxes will affect town services.
The town’s treasurer also says it will be a balanced budget. Information about where the town’s current debt stands was not available today, but Smith says it has gone down. He says that information will be presented when the town holds a public budget meeting, which will likely happen in late-April or early-May.