City proposing 4.1 per cent property tax reduction for 2019
Based on all decisions made in the past three days, the city is proposing a 4.1 reduction in property tax in 2019.
Director Susan Walker presented the newest calculations at the end of the day Friday.
With debt restructuring decided upon during deliberations, the council proposed that 50 per cent of the realized savings would go into stabilization while the other half will go into reserves.
“We give that benefit to the current generation of taxpayers for a number of years and we are building savings,” said Mayor Bill Given in support of the 50-50 split.