Cranbrook City Council on Monday evening approved its five-year financial plan, which includes a 1.75% increase in general tax and a 1% increase in dedicated road tax.
City officials said BC assessment notices showed property values had risen from $327,000 for the average single-family home assessed at $397,000, an increase of 21%.
However, officials said that did not translate into a 21% tax hike.
“Residents whose assessment has increased more than the average will see their taxes increase by more than 2.75%. Conversely, if a homeowner’s assessment were below the average 21% increase in Cranbrook, the owner would see less than a 2.75% increase in their annual property taxes,” staff said. of Cranbrook.
The 2.75% increase in municipal taxes will lead to an average increase of $63 in residents’ tax bills.
This increase will only count for the municipal portion of the owner’s taxes.
Homeowners may see larger increases based on the variable tax rates established for the School District, East Kootenay Regional District, East Kootenay Regional Hospital District, and BC assessment.
The council voted on Monday to formally adopt the 2022-2026 five-year financial plan.
More: Cranbrook Financial Plan Details (Town of Cranbrook)