Municipal taxes are on the rise in Campbell River.
At last night’s meeting, council members adopted the city’s 10-year financial plan.
That includes a 2.9 percent hike in municipal taxes next year.
This amounts to roughly $57 per household, based on an average home worth $401,000.
City staff originally proposed a rate of 3.16 percent and through the course of financial planning and deliberations, the lower percentage was settled.
Property taxes make up 44 percent of the city’s funding sources. Fees and other charges account for 31.2 percent.
The city says its objective is to provide taxpayers with stable, equitable, and understandable property taxation while providing high-quality services.
Rates are adjusted annually to eliminate the impact of increases or decreases in assessment due to market changes, as identified by BC Assessment.
Mayor Andy Adams said earlier this month that, “When you take into consideration the number of major infrastructure projects that are going on in the city and the fact that utilities and the rate of inflation are in running in access of two percent, I think we’re right in the ballpark.”
SEE MORE: Campbell River’s municipal tax rate to rise 2.9 % next year
Homeowners will be getting their tax notices by late May or early June and will be required to pay for them by July.
