Cranbrook residents will see a 3.95 per cent increase in property taxes in 2014. On Wednesday, council adopted the Tax Rates Bylaw.
That means a residential taxpayers will pay $7.35 per $1,000 of assessed value under the 2014 tax rate, versus $7.06 per $1,000 of assessed value in 2013.
Mayor Wayne Stetski outlined what the actual cost would be to homeowner, noting stats from BC Assessment.
“In 2014, the average single family home in Cranbrook, with an assessed value of $250,000, will pay approximately $65 more in all property taxes than in 2013,” Stetski said, adding that is before applying to the provincial Home Owner Grant as well as the senior’s grant. “No one likes paying more taxes, but we all expect the City to provide us with quality services and working infrastructure.”
The city needs to raise $23 million in General Municipal Property Taxes to balance its General Fund and maintain service levels.
The tax rates will allow the city to raise the $23 million and increase revenue by $867,000.
Council sets the municipal tax rate for each class of taxpayer after the Five Year Financial Plan has been adopted. Those classes include residential, business, light industry, utilities, recreation/non-profit, farm and supportive housing,
The Regional District, hospital, and other government bodies also set their tax rates based on the services they provide to residents of Cranbrook, city staff noted.
The combined 2014 residential property value tax rate is $10.22 per $1,000 of assessed value versus $9.96 for 2013.
A copy of Cranbrook Tax Rates Bylaw 3796, 2014 is available at city hall or online at www.cranbrook.ca.