How much Nanaimo property taxes go up?
2.5%? - 1.77%? - 3.95% ??? Confused ???
2.5%? - 1.77%? - 3.95% ??? Confused ???
The city of Nanaimo property tax notices are now coming swiftly on the wings of Canada Post to your mail box, or via email if you are signed up electronically.
There is no easy way to say exactly how much individual property taxes will increase as the actual increase is a function of property value and the rate of taxation the city charges to meet this years tax income requirements.
Generally speaking this year the city of Nanaimo portion of taxation was increased by 2.5% which was the result of the budget review process engaged in by city council these past many months. That of course does not include taxes collected for the hospital, schools or the regional district of nanaimo.
The amount your taxes will go up (almost never down) will depend on the assessed value of your property and the rate of taxation charged by the city of Nanaimo.
In simplistic terms if your home assessment decreased in value this year by the average of 2% from last year, your taxes will increase by 1.77%. If however, your property value remains the same as last year you will see a property tax increase of 3.95%. If your home value has increased since last year your tax increase will be proportionally higher than the 3.95%. Clear?
On top of your property tax increase your user fees will also be increasing this year, with water rates going up by 7.5% and sewer increasing by 5%.
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