Tax Rates Set
On Tuesday, April 16, Council met as Committee of the Whole to set the property tax mill rates for each class. Setting the mill rates for each class is the last step in the annual budgeting process and allows the City to collect property taxes.
Based on the provisional budget and the supplemental items approved by Council at the March 12 Committee of the Whole meeting, the property tax requirement for 2019 is $111.7 million, a 2.96% increase over 2018.
In a residential context, the tax mill rate is applied to the assessed value of a home, which is determined by BC Assessment. For the average-assessed property, the increase translates into just over a $60 increase on the homeowner's tax bill. The tax mill rate for Class 1, Residential, for $4.98 per $1,000 of assessed value.
The 2019 Budget Consultation has concluded.