The City of Nanaimo voted in favor of adopting the financial plan, meaning residents will see a 7.7 percent increase.
According to the city, the increase would include a 6.7 per cent increase in operating costs and a one per cent increase for the general assets management reserve.
Tax rates are determined based on property assessments, as outlined by BC Assessment, and the city says although the taxes may seem significant, there is some good news for those property owners who do not meet the threshold set by the province.
“If property increased in a value greater, or equal to, the market change of -2.8 per cent then taxes are likely to increase by 7.7 per cent,” the city’s website says. “If the property increased in value less than the market change of -2.8 per cent, then you will likely see a decrease in taxes levied.”
Mayor Leonard Krog says taxes are the city’s way of making sure residents have access to services they need.
“This year’s budget ensures that our city can provide the services residents depend on and that we’re responding to our community’s needs,” Krog says. “Financial planning helps place us in a strong position to support our community as we look ahead to the future.”
The city currently owns, and maintains, more than $4.8 billion in assets including roads, water mains, facilities, drainage, parks, and the sewer system.
