Truro property tax rates to remain same, water rate review coming | CBC News
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The town of Truro said it’s keeping residential and commercial tax rates stable and focusing on maintaining existing service levels amid inflationary pressure on the municipality’s finances.
On Monday, the town council approved maintaining the residential tax rate of $1.85 per $100 of assessed value, and $4.50 per $100 of assessed value of commercial properties. The property rates were passed without debate, and Coun. Bill Thomas was the lone vote against them.
“Watching the other municipalities and seeing how everything plays out in this in these difficult, stressful financial times, we’re very pleased that our tax rate is not increasing,” Truro mayor Cathy Hinton told CBC News.
Water rate study
Water rates will remain unchanged this fiscal year, maintaining the rate that’s been in place since 2015. Staff said there are about $958,000 in capital improvements slated for the utility.
A water rate study will be initiated this year as the current rate is not enough to cover annual operating costs.
Councillors voted to slightly decrease the rate for the road tax for residential ratepayers
The 2026-2027 budget includes an operating budget of about $43.3 million, an almost 9 per cent increase over the previous year. Staff said new developments and increased property assessments contributed to higher tax revenue for the town.