Nanaimo city councillors have approved a provisional 2021 budget and 3 per cent property tax increase. (file photo/NanaimoNewsNOW)

By NanaimoNewsNOW Staff

taxes

Provisional 2021 property tax increase set at 3 per cent

Dec 22, 2020 | 12:42 PM

NANAIMO — Residents have a snapshot of their 2021 property tax bill.

Nanaimo councillors passed three readings of the 2021 property tax increase and budget during the council meeting on Monday, Dec. 21.

The increase is slated to be three per cent, which includes a two per cent increase to general property taxes and one per cent for the general asset management reserve.

Water fees rise 7.5 per cent, sewer 4 per cent and sanitation 10.5 per cent.

The average Nanaimo household, valued at slightly less than $530,000 by BC Assessment, is expected to pay an additional $134 a year due to property tax and user fee increases. The average home will pay nearly $3,250 a year in tax and fees.

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This does not include fees for the Regional District of Nanaimo, BC Transit, SD68 and the Vancouver Island Regional Library and BC Assessment.

The City said revenues were decimated by the COVID-19 pandemic, which affected the Nanaimo Aquatic Centre, recreation opportunities and casino revenue.

More than $3 million from reserves is being used to offset the loss of revenue.

Nearly $6.7 million from the COVID-19 Safe Restart Grant for Local Governments is expected to help the losses and costs incurred by the pandemic.

Money from the grant will also cover lost revenue and the remaining amount will be transferred into reserves.

Budget discussions started at 3.3 per cent.

The final property tax increase will be confirmed in the spring of 2021.

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