Cache Creek Council approved the first three readings of its Bylaw 762, which precedes approving the annual budget. Mayor John Ranta noted that residential rates have been increased by 2.5 per cent, rising from 1.9979 per $1,000 of taxable value last year, to 2.0479 this year.
All property classes saw a rise in taxes except for “Business and Other” which had a slight decrease, from 4.8047 last year to 4.7486 this year.
The Village also collects taxes for the Regional District and the Hospital District. Forest Land, Recreation and Farm land rates went up for the TNRD while Residential, Industry, Utilities and Business went down. Tax Rates for the Hospital District went up for everyone, thanks to the multi-million dollar master plan for Royal Inland Hospital. Residential rates went from .3127 last year to .3916.
Cache Creek’s 2013 budget includes a 2.5 per cent increase both in taxes and in utilities each year for the next five. It anticipates collecting $322,428 in property taxes and Grants in Lieu.