City council have confirmed a three per cent property tax hike for residents in 2021. (File Photo/NanaimoNewsNOW)

By NanaimoNewsNOW Staff

TAX BILL

Nanaimo council approves property tax increase

May 10, 2021 | 1:00 PM

NANAIMO — A three per cent property tax hike is locked in.

City council adopted a series of financial bylaw amendments during a special meeting on Monday, May 10.

The increase comes as a result of a two per cent increase of general property taxes and a further one per cent dedicated to asset management, funding infrastructure upgrades and repairs.

Including water, sewer and sanitation fees, the average Nanaimo home, valued at $544,227 will day 4.3 per cent more (or $135) to the City, for a total bill of $3,267.

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

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The City forecasts it will collect over $122 million in property taxes under the new rate, increasing by roughly $5 million in each of the next five years under the current 2021-2025 financial plan

A rate increase of three per cent barely fluctuated from the provisional discussions held in December.

Property taxes are due by July 2, 2021.

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