Cranbrook property tax notices will be hitting the mail in mid-May, and if adopted by Council, there will be a 2.75 per cent tax levy increase for municipal property owners.
At a Council meeting on Monday, April 25, staff outlined the changes to taxes that are now one step closer to being adopted.
Proposed tax rates were reviewed for all property classes in Cranbrook this year, changing the rates against the varied rising assessed values to balance the tax burden across property taxes, the City explained in a press release. This will mean that business property owners’ municipal tax bill will increase by 0.8 per cent, while residential property owners will see an average of a 2.75 per cent increase.
“B.C. Assessment notices mailed at the beginning of the year showed that the average assessed value of a single-family home in Cranbrook increased from $327,000 in 2021 to $397,000, based on the new 2022 value,” the City said. “The 2.75 per cent increase to the tax levy results in an average $63 increase to the municipal tax bill of the average residential property.”
If your assessment was more than the average increase, that will be reflected on your taxes. The same goes for if your assessment was below the average increase in Cranbrook.
The City adds that Council approved the City of Cranbrook 2022-2026 Five Year Financial Plan in February 2022, which is a 1.75 per cent general tax increase and 1 per cent dedicated road tax for the 2022 Capital Roads Program, for a total 2.75 per cent.
The City says that the total increase is lower than most other “comparable communities” in the province. For example, Campbell River has proposed a 3.13 per cent increase, Kelowna 3.64 per cent and Kimberley 4.71 per cent.
The City’s 2.75 per cent tax levy increase only applied to the municipal portion of a property owner’s tax bill. The City also collects on behalf of School District 5, the Regional District of East Kootenay (RDEK), Kootenay East Regional Hospital District and B.C. Assessment.
The proposed 2022 tax rates bylaw will be back to Council for three readings on May 9 and adoption on May 12.