What tax rate applies to non-residential properties compared to residential properties?

The tax rate that applies to non-residential properties is set at one and a half times the residential rate. This distinction is made to reflect the different economic contributions and value that these types of properties bring to local communities. Non-residential properties, such as commercial or industrial buildings, typically generate higher revenue and may require different levels of municipal services compared to residential properties.

The use of a higher tax rate for non-residential properties helps municipalities fund services and infrastructure that can accommodate the needs of businesses, while also maintaining a more moderate tax burden on residential properties, which are considered essential for housing. This approach balances the interests of both residential and non-residential property owners within the community and ensures that the tax system reflects the diverse nature of property use.