Housing in Cranbrook saw an average assessed value increase of 21 per cent from B.C. Assessment in their 2022 notices, but that does not mean municipal property taxes will go up that much.
City officials said the proposed 2022-2026 Five Year Financial Plan includes a 2.75 per cent tax levy increase, made up of a 1.75 per cent general tax increase and a 1 per cent dedicated road tax for the 2022 Capital Roads Program.
“After several months of hard work by staff and Council, we’re now ready to collect the public’s feedback on our 2022-2026 Five Year Financial Plan,” said Mayor Lee Pratt. “It has been Council’s focus throughout the COVID-19 pandemic to limit financial burdens on our taxpayers while still looking ahead and planning for the future.”
B.C. Assessment’s 2022 notices have been sent out to property owners throughout the province, which reflect a property’s market value as of July 1, 2021.
“I know there’s a lot of fear out there, people seeing that the average assessment went up 19 to 21 per cent. People are thinking their taxes are going to go up 21 per cent, but that’s certainly not the case at all,” said Mayor Pratt. “We figured that for the average home price in Cranbrook, the tax related to a $63 increase.”
According to city officials, the average assessed value for a single-family home in Cranbrook increased from $327,000 in 2021 to $397,000 in 2022.
“Those whose assessment increased more than the average will see their taxes go up more than 2.75 per cent. Conversely, if a residential property owner’s assessment was below the average 21 per cent increase in Cranbrook, the property owner would see less than 2.75 per cent of an increase in their annual property taxes,” said Charlotte Osborne, Cranbrook’s Director of Finance.
The 2022-2026 Five Year Financial Plan is open for feedback, so residents can have a say in how they would like their municipal tax dollars spent.
You can find the proposed budget online or get a paper copy from City Hall after Friday, Jan 14th.
Public comments must be submitted by writing to City Hall before 4:00 p.m. on Friday, Jan. 28th for consideration at the Feb. 7th Council meeting.
More: Proposed 2022-2026 Five Year Financial Plan (City of Cranbrook)