Source: City of Hamilton Corporate Services Department
Growth in the non-residential property assessment base will assist in controlling residential property taxes and future property tax increases while developing a prosperous and diverse local economy. Property taxes contributed 57% of the City of Hamilton’s 2017 annual tax supported gross operating budget of $1.5 billion.
Story behind the numbers
The City of Hamilton’s non-residential property assessment as a percentage of total assessment averages about 13%. It has held relatively steady at this percentage since 2013 (the range has been between 12.9% and 13.3%).
Residential property taxes as a percentage of household income are steady at slightly more than 4% (estimated to be 4.3% for 2017).
As per the City of Hamilton’s Economic Development Action Plan 2016 - 2020 (December 2016) the City’s goal is to attract and retain businesses in Hamilton in order to grow our non-residential assessment while also providing an increased number of living-wage job opportunities. Areas of focus include small business development, promoting and selling Hamilton, commercial area revitalization, leveraging city real estate interests and open for business initiatives.
Total Property Assessment
|Total Property Assessment||2016|
|Non-Residential Property Assessment||13.0%|
|Residential Property Assessment||87.0%|
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