Sidney residents will face a lower tax increase than expected due to growth in the town’s tax base.
The town said residents can expect a 5.94 per cent tax increase, instead of the 6.04 per cent it announced last month when it finalized its financial plan.
That figure had been reduced from 8.42 per cent by deferring an annual contribution to a reserve fund, declining two requests for enhanced services and using reserve funding for three new projects.
The tax rate approved was based on a conservative tax-revenue estimate before property assessments were finalized in March.
The estimate turned out to be slightly low, the town said in a statement.
The average commercial property will see a 5.68 per cent tax increase, giving the town one of the lowest differentials between commercial and residential tax rates in the region, it said.
