After months of work, Wolfville Town Council has approved the 2023/24 Town Operations Plan and related Operating Budget, the Ten-Year Capital Investment Plan, as well as the Water Utility’s Three-Year Operating and Capital Budget.
The Operating Budget, now approved by Council, has revenues and expenditures in the amount of $13,457,000.
As part of the budget process, Council has set the Residential Tax Rate at $1.475 per hundred dollars of assessment. This reflects an increase of 1.75 cents.
Given the significant increases in assessment that many residential properties experienced, including those under the CAP program at a maximum of 7.7 per cent, and the addition of 1.75 cents on the residential rate, many property owners will see a 9 per cent increase overall.
What this means for a single-family home in Wolfville, with an average assessment of $340,000, is an increase of $445 over the last tax year.
The Commercial Tax Rate remains unchanged at $3.575 per hundred dollars of assessment.
Please see the media release for full details of the 23/24 budget.