Nanaimo residential property taxes set to rise by 8 per cent

Nanaimo residential property taxes set to rise by 8 per cent

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The increase is expected to add $213 to the property-tax bill for a typical home in the city

Nanaimo homeowners can expect an eight per cent increase for the municipal portion of their property-tax bills in 2024.

Third reading was approved this week for the city’s financial plan, which returns in April for final reading by city council, pending any required alterations.

Provincial rules require that the plan be adopted by May 15.

The projected increase includes a one per cent hike for the city’s general asset management reserve and a seven per cent increase for general property taxes, for a total of eight per cent.

User rates are rising by six per cent for water, four per cent for sewer and 3.2 per cent for sanitation.

The increase is expected to add $213 to the property-tax bill for a typical home in the city — assessed at just under $809,000.

Total property taxes for the average home would be $2,860 for 2024, rising to $3,504 once user fees are included.

cjwilson@timescolonist.com



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