Cranbrook city council reviewed proposed tax rates for all property classes, resulting in a planned municipal tax increase of 0.8 per cent for business properties, while residential properties will see an increase of 2.75 per cent.
The 2.75 per cent tax increase for residential properties remains unchanged from the originally planned increase for 2022.
According to city staff, this change will balance the tax burden across property classes.
City officials said the residential tax increase would result in a $63 rise on municipal tax bills for the average home.
“B.C. Assessment notices mailed at the beginning of the year, showed that the average assessed value of a single-family home in Cranbrook increased from $327,000 in 2021 to $397,000, based on the new 2022 value,” said city staff.
However, there may be some differences between tax hikes to some home and business owners.
“Those residential or business property owners whose assessment increased more than the average will see their taxes go up more than 2.75% and 0.8% respectively. Conversely, if a property owner’s assessment were below the average increase in Cranbrook, the property owner would see less than 2.75% or 0.8% of an increase in their annual property taxes,” said staff.
The 2.75 per cent tax increase was initially approved during a February council meeting, as part of Cranbrook’s 2022-2026 Five Year Financial Plan.
The change breaks down to a 1.75 per cent general tax increase and a one per cent increase in the dedicated road tax.
The proposed 2022 tax rates bylaw will come back before city council for three readings on May 9th and adoption on May 12th.
2022 property tax notices will be arriving in the mail by mid-May.