Nanaimo’s residential tax rate will be six per cent for this year, council decided Monday as it finalized its financial plan.
Of the six per cent, five per cent represents the general property tax rate and one per cent will go into the city’s general asset management reserve.
This year’s formula works out to an additional $139, or $11.58 per month, for the average home compared to the previous year, the city said in a statement.
Based on the average assessed value of a single family home in Nanaimo of $718,471, the city calculates that the residential property tax plus water, sewer and sanitation fees will total $3,494, the city said.
Other agencies, such as the Vancouver Island Regional Library and the Nanaimo Regional District will imposed taxes on top of the city portion of the bill.
Tax notices will go to homeowners later this month.
Operations funded by property taxes include the Nanaimo RCMP, which is growing by three new officers and four new geographically targeted bike patrol members as the city unrolls its new downtown Nanaimo safety action plan.
The city’s 2022-2026 financial plan includes hiring 12 community safety officers and two community clean teams, setting up a downtown ambassadors program and using parks ambassadors this summer.
Community safety officers are not police but will patrol downtown and are intended to help resolve conflicts and build relationships with businesses, organizations and individuals in the city centre.
As well, a vandalism relief program is coming into effect, and more parkade cleaning is planned.
Pedestrian areas are being upgraded in the city with the Lenhart pedestrian bridge, new sidewalks and multi-use paths, while another $1 million is going to pedestrian amenities, the city said.
A new non-profit society will receive $480,000 annually for five years to work with other agencies in the city to address ongoing mental-health challenges and prolific offenders.
The city also plans to fund upgrades to Marie Davidson bike park, expand the Maffeo Sutton playground and install turf fields at Harewood Park.
If a property’s assessed valued increases that does not necessarily mean that will result in a similar increase in residential taxation level, in Nanaimo or any other municipality. Each municipality sets its own tax rate.
Property tax rates are set based on the average assessment change. If a home’s value increases beyond the average in an area, then the owner could face a higher tax rate. If it comes in below the average, then the owner would likely not pay as much.
cjwilson@timescolonist.com
