Township of Lake of Bays contemplating a 5.56% tax increase

Township of Lake of Bays contemplating a 5.56% tax increase

Lake of Bays councillors were presented with a proposed 5.56 per cent tax increase at their November 11 meeting. That increase would mean a lower-tier property tax of $712.29 for $300,000 worth of property assessment and an increase of $37.52 per year. The recommendation includes pulling $932,036 from reserves and debt financing of $3.3 million as a result of the purchase of the Logging Chain property. Some of the new capital initiatives include…