Belleville city hall (File photo: Mary Thomas/Quinte News)
Officials watching the City of Belleville’s financial situation are concerned about the city receiving less revenue than had been projected.
At its meeting Monday, Belleville council will consider a staff report showing that about 25% of the city’s $5.1 billion in taxable property assessment is “at risk” and under appeal.
Many big box retail operations are paying much less in property tax after successfully appealing their assessments.
The assessment appeal process can take years, and while Belleville council allowed for $3.5 million for tax write-offs in this year’s budget, $4.2 million will actually have to be written off as of October 16.
Money has been taken from a Capital Reserve Fund to make up the shortfall in revenue.
The report indicates staff say they will be monitoring the situation closely and provide regular updates to council.
