FAQ
- 8.1 mils – residential property
- 26.2 mils – commercial property
Why does the City budget in three-year time frames?
Three-year budgets are more progressive and strategic and allow the City to more accurately budget to achieve long-term goals. Our City is growing and changing at a rapid rate as economic growth spurs development across our City. As the capital city of Newfoundland and Labrador, we must also grow and change as we develop new operating practices that allow us to meet the growing needs of our City.
Who decides how the City sets its budget and uses its money?
Staff in Financial Management collaborate with City departments to identify the organization’s annual needs and priorities. Every three years, the City will also consult with key groups and organizations, such as community and business associations, and with the public to seek ideas and opinions on priorities.
A budget is proposed to a committee of Council of the whole. Every department is accountable to operate within its identified budget. The ultimate approval of the City’s budget - including what to fund or not to fund - rests with Council. The City is not permitted to budget for a deficit.
What is the mil rate and how is it set?
“Mil rate” is an abbreviation of millage rates, which is the amount per $1,000 that is used to calculate taxes on property. The mil rate is multiplied by the total taxable value of the property to arrive at the property taxes due.
What is the current mil rate?
The mil rates for 2015 are as follows: