Property owners will likely see a tax hike of about 5.87 per cent as the city looks to cope with heavy inflation.
City officials said this rate may come once the 2023 budget and five-year financial plan are adopted in the coming months.
According to the city, the average assessed value for a single-family home increased from $396,000 in 2022 to $446,000 in 2023.
“Based on these updated values, provided by BC Assessment, a 5.87 per cent increase in property taxes results in a $155 increase to the municipal tax bill from 2022,” said the city.
Staff said the projected rate comes as local governments are suffering through high inflation just as residents are.
“Just as your household heating, electricity and grocery costs have jumped, so has your City’s buildings’ heating and electrical costs, along with things like parts, pipes, lumber, asphalt, concrete, and other building materials to maintain City infrastructure and roads,” said City officials.
That said, the 5.87 per cent increase only impacts the municipal portion of your tax bill.
“A residential homeowner may see a larger increase dependent on the varying tax rates established for School District 5, the Regional District of East Kootenay (RDEK), Kootenay East Regional Hospital District (KERHD), and B.C. Assessment,” said City staff.
The draft 2023-2027 Five Year Financial Plan will be made publically available in March, with an opportunity for additional public feedback.