Guelph residents are getting a better idea of what they will be paying in property taxes this year.
A report presented to city councillors shows the average homeowner, with a property assessed at $370,153, will be levied $3,525 in taxes.
That is an increase of $110.52, or 3.14 per cent over 2018.
The report shows most of the increase comes from the city’s 2019 budget of $244 million. The city said it also takes into account a phase-in of property reassessments.
“Naturally, as residential properties increase in value, the average assessment will increase each year due to the phase-in process,” the report stated.
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Tax ratios between different classes of property are factored in, too.
The residential tax class makes up 74 per cent of the city’s total assessment base and funds 66 per cent of the tax levy, the report stated.
The multi-residential property class funds seven per cent of the tax levy, while the commercial class funds 19 per cent and the industrial class funds eight per cent.
The report will be presented to the Committee of the Whole during a meeting on April 1.
The city said it provides sufficient time to prepare the final tax bills for meeting the legislative mailing date for the June 28 tax installment.