Residents and businesses in Hamilton will see little change to their taxes this year.

Chief Operating Officer and Secretary for the Corporation of Hamilton, Ed Benevides announced that the Corporation will maintain its current tax revenue therefore remaining tax neutral.

"There has been a slight decrease in the tax rate for most residential properties and a slight increase in the tax rate of commercial properties," said Mr. Benevides.

"These adjustments were made in order for the Corporation of Hamilton to maintain its existing tax revenue."

According to Mr. Benevides tax billing for the Corporation of Hamilton is based on the annual rental value of the property as set by the Government Land Valuation Office.

"The majority of taxpayers will have almost the same bill as last year, only a few will have a modest shift," said Mr. Benevides.

"Residents will see a tax rate decrease of 0.09 percent to 0.59 percent in their next bill, while commercial property owners will have a tax rate increase of 0.19 percent to 4.98 percent.

"The rate changes, together with the adjusted annual rental values, in most cases, means there will be little or no changes in the billed amounts."