Property Taxes

Each year, the Town of Watson Lake carefully plans its budget to make sure that the community receives essential services like road maintenance, emergency response, and the continuous operations of recreational facilities. In most municipalities, including Watson Lake, the municipal budget serves as both a financial plan and a policy document. This guides how the administration allocates resources based on projected revenues and expenditures.

The Budget Process
There are three crucial steps in getting the budget ready for the Town’s Fiscal Year: Preparation, Adoption, and Implementation. During the preparation phase, the town administration compiles revenue estimates and departmental funding requests based on service needs and financial constraints. The Town Council then reviews, debates, and approves (adopts) the final budget to ensure fiscal responsibility and maintain quality services. Lastly, the budget is put into action, and regular financial monitoring is conducted to ensure that the funds are spent efficiently and effectively. Municipalities primarily fund their budgets through property taxes, user fees and government transfers.

Why Property Taxes Change in Watson Lake
Property taxes are calculated based on two key factors:
Property Tax= Land Assessment Value * Mill Rate

The Land Assessment Value is determined by the Yukon Government, and varies based on land value and improvements (buildings) on the property. These two factors are assessed every two years. The tax rate, or mill rate, on the other hand, is set by the Town Council and is aimed at generating the necessary revenue to help maintain or contribute to the rising costs of providing municipal services