Cranbrook’s city council approved its five-year financial plan on Monday night, which includes a 1.75 per cent general tax increase and a one per cent increase to the dedicated road tax.
City officials said B.C. Assessment notices showed that property values increased from $327,000 for an average assessed single-family home to $397,000, showing an increase of 21 per cent.
However, officials said that does not translate to a tax increase of 21 per cent.
“Those residents whose assessment increased more than the average will see their taxes go up more than 2.75%. Conversely, if a residential property owner’s assessment was below the average 21% increase in Cranbrook, the property owner would see less than 2.75% of an increase in their annual property taxes,” said Cranbrook staff.
The 2.75% increase in municipal taxes will result in an average increase of $63 to residents’ tax bills.
This increase will only count towards the municipal portion of a property owner’s taxes.
Residential homeowners may see larger increases depending on the varying tax rates established for the school district, the Regional District of East Kootenay, Kootenay East Regional Hospital District and B.C. Assessment.
Council voted on Monday to formally adopt the 2022-2026 Five Year Financial Plan.
More: Cranbrook’s financial plan details (City of Cranbrook)