It is property tax time again, folks.
The District of 麻豆社国产has announced that property taxes are to increase by 4.2% for existing taxpayers.
According to a news release, the 2023 property tax revenue requirement is $37.2 million, an 8.9% increase from 2022. However, over half of the increase will be offset by incoming taxpayers, which leaves 4.2% for existing taxpayers.
Council adopted the municipal property tax rates at a Special Business Meeting on May 9.
“The municipal budget aims to balance financial pressures that 麻豆社国产residents and businesses face with the pressing needs of the community, including infrastructure maintenance, upgrades and replacement work, and the upward cost pressures from inflation and ongoing supply chain disruptions,” said Mayor Armand Hurford in the release.
“The overall growth and rapid rise in assessments have meant that all 麻豆社国产property owners have been disproportionately impacted at some point, and this year it is our business class that is seeing the bigger impact.”
The news release stated that the tax increase for businesses and residents is partially due to increasing property assessment. Businesses saw a 33.3% property assessment increase in 2022, whereas an average single-family dwelling saw an increase of 8.4% and an average strata dwelling saw an increase of 16.4%.
On average, the release states businesses will have a tax increase of $1,553 and average single-family or strata dwellings will see an increase of $14 and $127 respectively.
“We are acutely aware that our business tax rates must remain competitive with other B.C. communities to attract investment here and ensure that local businesses are sustainable,” said Hurford.
“At the same time, residential taxpayers cannot shoulder all the burden, and so the rates aim to meet the requirements of the 2023 budget, remain below B.C. averages, and make attempts to soften the impacts of increasing property assessments over time.”
For existing taxpayers, the 4.2% increase for 2023 is lower than the predicted 5.9% increase, which was estimated near the end of 2022. It is nearly equivalent to the 2022 increase, which was 4.1%, but remains above the 2.5% increase seen in 2021.
According to the District, property tax and utility notices have been mailed, with each being mailed separately. Property owners are responsible for payment regardless of whether a notice is received, and to avoid penalty fees, taxes must be paid by July 4, 2023.
After July 4, the there will be a 5% penalty. After July 31, another 5% penalty will be issued. There is information on the website about how to seek tax deferment if needed.
