City council approved the tax rates for 2021, which will be reflected in the property tax notices that will be sent to property owners later this month.
Earlier this year, council approved a zero per cent tax increase. In an 6-3 vote in February, council decided to use just over half of a $6.1 million provincial Safe Restart fund to balance the books. Without the provincial aid, a two per cent tax increase was on the books.
The city’s residential tax rate has decreased in 2021 compared to last year. However, each property’s tax bill is also related to the assessed value of the property as determined by the B.C. Assessment Authority, so it’s possible an individual property’s tax bill could still be higher in 2021 than 2020 if the assessed value rose in 2021.
Less than two-thirds of the revenue needed to operate the city comes from property taxes.