Property tax rates in Nanaimo are poised for an eight per cent increase in 2024 as councillors moved through the first three readings of an updated financial plan. (File Photo/NanaimoNewsNOW)

By NanaimoNewsNOW Staff

tax time

Nanaimo residents set for 8% property tax jump as other areas also mull increases

Dec 19, 2023 | 9:47 AM

NANAIMO — A sizeable tax increase for residents inside City limits is all but assured.

Councillors unanimously approved the first three of four scheduled readings of the 2024-2028 financial plan on Monday, Dec. 18, which outlines City spending and priorities over the next five years but is updated annually.

It includes an eight per cent property tax increase in 2024 and will see a Nanaimo homeowner with a property valuation at around $808,000 pay an additional $213 more than last year before user fees are factored in.

A projected 7.2 per cent increase overall in water, sewer and sanitation fees will see the total impact for a typical Nanaimo home work out to an additional $254, for a total of $3,758.

Homes of lesser value will pay less, while higher assessed homes will pay more.

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“Council will have opportunities to review and amend the Financial Plan in April prior to final adoption and adoption of the Property Tax Rates Bylaw,” a staff report presented Monday night read. “The 2024 – 2028 Final Financial Plan in April will include any updates to estimates and any additional directives from Council.”

The province sets a mid-May deadline for municipalities to adopt financial plans.

Among the major line items in the budget are funding of the Nanaimo Systems Planning Organization to address local health and housing resources, 20 firefighters which began work in August, along with 20 more due in 2025 and up to 15 additional RCMP officers over the next five years including three in 2024.

Capital projects such as continued upgrades to Westwood Lake Park, phase one of the Commercial St. redesign plan and construction of a downtown transit exchange on Terminal Ave. are also included.

City of Parksville council and staff are continuing to move through their financial plan process with additional meetings scheduled early in the new year.

No proposed property tax rate has been announced yet.

The previously adopted 2023-27 financial plan calls for a 4.7 per cent increase to City residents in 2024, however Council decisions over the coming weeks and months will likely see the figure change.

Established plans also call for five per cent water user fee increases and a three per cent bump in sanitary sewer user fees.

The first three readings of a plan, which Nanaimo Council undertook Monday night, aren’t scheduled in Parksville until late April.

Town of Qualicum Beach residents are poised to see a $178 annual increase in their taxes for 2024, for a total of $2,325 on an average home valued at $982,700.

The Town is in the early stages of their financial plan deliberations and it is likely the number will change following public consultation and public engagement.

District of Lantzville councillors have debated their financial plan since October, however are not yet at a point where they can vote on first readings.

Next discussions are due Jan. 10 with further opportunity for the public to comment and councillors to decide what gets included.

Lantzville whittled down an initial 11 per cent tax increase down to zero per cent last year.

Regional District of Nanaimo residents, along with municipalities contributing to the RDN will see an average property tax increase of 13.5 per cent.

Tax rates in the electoral areas of the RDN vary based on the amount of local government services received.

Deliberations for all municipalities are due in the spring and rates could change slightly prior to final adoption of the respective bylaws.

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