Qualicum Beach town council has given three readings for the 2024 tax rates bylaw.
The bylaw will establish the rates for the collection of taxes from Qualicum Beach including levies from the Regional District of Nanaimo, Nanaimo General Hospital District and the Vancouver Island Regional Library.
“Council establishes tax rates annually to determine that tax collected from each property in town,” said Raj Hayre, director of finance in his presentation to council during its regular meeting on April 10. “The tax rate is based on every $1,000 of net taxable value of the property.”
Hayre pointed out that the town has several property classes and each one is taxed at a different rate. This year, property owners face a 7.7 per cent increase in their tax rates that was approved in the 2024-2028 financial plan bylaw that council endorsed earlier this year. That equates to an additional $164 for the average home valued at $956,000.
“However, increases to individual households would vary depending on the assessed values of their property,” said Hayre. “The annual property tax bylaw must be adopted by council by May 15th of each year.”
Council unanimously agreed to give the tax bylaw first, second and third readings to allow it to be adopted before the legislated May 15 deadline.
READ MORE: Regional District of Nanaimo adopts budget but vote was not unanimous
Residential properties constitute about 96 per cent of the assessed value of properties in the town and contribute about 90 per cent of the municipal property taxes.
External levies from other institutions including the provincial government are added to municipal taxes which Hayre explained council has no control over.
“When you get your tax bill, I think we get to keep about 45 per cent and the rest goes to all these other authorities,” Mayor Teunis Westbroek said. “So, we’re not even a major player. We’re a junior player of this tax increase. They just make us collect it for you and get the bad reputation.”
In addition to municipal taxes, properties are subject to levies from other institutions.”