While many Sudbury homeowners may be paying higher property taxes after the recent province-wide reassessment, Xstrata Nickel and Vale Inco will be paying five per cent less in municipal property taxes, a total of decrease of $700,000 between the two of them.
The average home value in Greater Sudbury increased a total of 55 per cent when compared with the last reassessment four years earlier. Because of the increase in residential home value, provincial law requires the city to charge more taxes to the residential area, however the province has given some leeway to the municipalities to attempt to mitigate significant increases.
The city has placed measures to try and mitigate the increase to residential properties at the expense of industry.
Without the measures, the average tax increase for residences will be 7.4 per cent, instead the average increase will be 4.3 per cent.
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