Parksville property owners will notice a slight increase in their taxes this year.
Parksville council voted, during its May 2 regular meeting, to raise the city’s tax rate by 3.5 per cent, with the exception of Class 5 business, which will rise by 23.8 per cent in accordance with council’s resolution in 2017 to equalize Class 5 and Class 6 property tax rates by 2022.
The average taxpayer will notice about a $53 increase in the municipal portion, according a report to council by Jedha Holmes, the city’s director of finance.
The tax hike will mean $530,000 in additional tax revenue, according to Holmes’s report. One-half of a per cent, or $154,000, will be go to the General Fund Capital Reserve for future capital replacements.
Holme’s report estimated the following increases for local and regional tax increases for the average residential property:
• City of Parksville General Municipal (3.5%) – $58.31
• City of Parksville Debt – ($5.59)
• Library – $2
• Regional District of Nanaimo (RDN) – $46.56
• RDN Parks Parcel Tax (incl in requisition) – ($20)
• RDN Northern Community Wastewater – $30.38
• Nanaimo Regional Hospital District – $100.36
Tax Rates Bylaw, 2022, No. 1578 was given three readings during the meeting.
Property tax notices will go out near the end of May.
At its March 7 regular meeting, council approved a tax due date of July 2, with a two per cent penalty applied to balances outstanding at end of July 2 and an eight per cent penalty at the end of Sept. 14.
Section 197 of the Community Charter requires council to establish by bylaw the property value taxes for its own purposes and to meet the taxing obligations of the Regional District. The bylaw is required to be adopted after the financial plan and by May 15 each year.
Council will hold a special open meeting on May 9 to consider the final adoption of the tax rate and financial plan bylaws.