Saskatoon city council has voted in favour of lowering the business tax ratio.
Going into the meeting, businesses paid the city $1.75 for every dollar homeowners paid in property taxes.
Councillors voted to lower that figure to $1.59.
READ MORE: Business tax ratio up for discussion again at Saskatoon city hall
City officials pointed out that the tax ratio determines how taxes needed to cover services are split between residential property owners and businesses and that it is not a tax increase.
The move comes after the city’s property reassessment which showed business property values increased more than home values.
Officials said the tax ratio change will not affect the city’s standing of having some of the lowest property taxes among Prairie cities.
Mairin Loewen was the only councillor to vote against the motion.