Timmins city council has released a municipal budget that offers an overall tax decrease of 3.34 per cent, but only the business community will see the cuts.
The large industrial class will receive a 17.17 per cent decrease in taxes, while commercial property taxes will drop 3.71 per cent. Residential taxes increased 1.97 per cent. The decrease is due to a provincial government initiative in which the property assessment procedure was modified, and the assessment in Timmins went down.
City officials are hoping cuts to business tax will spell new opportunities by attracting new businesses to the community and allowing existing ones to expand or diversify.