Higher property, water taxes for Mount Pearl

The city of Mount Pearl, N.L. has approveda spending plan for the next 12 months that will see residential property taxes rolled back, but not enough to offset the impact of higher property assessments.

The council voted Tuesday to reduce the rate from 10to 9.25 milsin the 2010 budget.

But with higher property assessments, Mayor Randy Simms said home taxes would go up by an average of more than eight per cent next year. Residential property vales rose an average of 16 per cent in the latest assessments.

The city's water rate is also going up $50 to $500 annually.

"Mount Pearl will see no new long term debt incurred next year," Simms said in a release. "We will not have to borrow for operational or capital expenditures in order to balance our budget."

The city has budgeted for total revenues and expenditures of nearly $35 million in 2010.