Nanaimo councillors kept the 2021 property tax increase at 3 per cent, continuing from discussions at the end of 2020. (file photo/NanaimoNewsNOW)

By NanaimoNewsNOW Staff

annual increase

Nanaimo property taxes expected to rise 3 per cent

Apr 19, 2021 | 5:30 AM

NANAIMO — The 2021 property tax increase for Nanaimo is nearly locked in.

Councillors at a special finance and audit committee meeting reached a three per cent increase for 2021, not including additional fees for the regional district, school district and library. The increase is comprised of a two per cent rise for general property and one per cent for asset management such as major infrastructure repairs and upgrades.

The total increase changed little from the provisional budget announced in December, 2020.

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

The average Nanaimo home of $544,000, based on BC Assessment, can expect to pay $130 more in property taxes and user fees.

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A significant amount of reserves was used to offset the loss of revenue in 2020, which is expected to continue in 2021.

Laura Mercer, director of financial services, told councillors they can expect budget discussions for 2022 to start at 3.4 per cent.

“The main driver for the increase in 2022 is a drop of $1 million in reserve funding. we have $800 in reserve funding to drop taxes in 2022.”

The 2021 budget will be given three readings on May 3, before the May 15 deadline.

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