Parksville property tax increase set at 4.5 per cent

For the owner of an average home it means a $58 increase from last year

The average home in Parksville will see a $58 increase in the city portion of its property taxes this year after council gave final approval last week to the 2016 budget and five-year financial plan.

Bylaws related to both the budget and financial plan will need to be passed in the next few weeks to make it official, but that’s usually a formality after months of meetings where councillors debated the details. The increase works out to 4.5 per cent.

The average assessed value for residential property in Parksville is about $307,700 in 2016. The average was $294,200 in 2015. The city’s portion of taxes for 2016 will be about $1,336. In 2015, the taxes were $1,278.