Melville City Council officially approved the mill rates for the 2024 tax year during Monday night’s council meeting.
It will see no change to the mill rates but a 4.8% increase in the base tax, which means an average residential home in Melville that didn’t have a change in their assessment value will see a 1.3 % increase in their taxes or roughly around $41-42 dollars.
Taxes are calculated by taking the assessed value and multiplying it by the percentage of value with the resulting value is the taxable value, which is then multiplied by the mill rate & divided by 1000 to get the municipal taxes.
The Provincial government did not change the School mill rate in 2023, staying at 1.42 percent for agricultural, 4.54% for residential, 6.86% for commercial/industrial and 9.88% for resource.
Tax notices in Melville are expected to be issued by the end of the month with a payment without penalty deadline of end of August 2024.
