Nanaimo has increased property taxes for 2022 by six per cent, including one per cent for asset management. (File Photo/NanaimoNewsNOW)

By NanaimoNewsNOW Staff

TAX HIKE

Nanaimo council pass property tax & asset management increase

May 9, 2022 | 12:52 PM

NANAIMO — A sizeable tax increase is locked in for 2022.

City Councillors passed two bylaws during a special Council meeting on Monday, May 9, to move ahead with a five per cent property tax increase and one per cent general asset management increase for the year.

Coun. Jim Turley was the lone councillor opposed to this year’s budget.

Among the budget line items behind the increase are the addition of seven new RCMP members to the Nanaimo detachment including four bike patrol officers.

Council has also allotted spending for community safety officers as part of a new downtown Nanaimo action plan, however the plan was finalized months after budget deliberations concluded.

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A variety of grants and social programs along with multi-use paths and pedestrian amenities will also tie up City funds.

The figures came through budget consultation and deliberation late last year and were given three readings in December. Finalization of the numbers came before a mid-May deadline for municipal governments to cement their budgets for this fiscal year.

A typical single family home in Nanaimo will see an increase of around $139 plus user fees such as water consumption and curbside collection.

With the new rate, the City expects to collect just over $131 million from property taxes this year and another $96.5 million in other taxes, fees and charges.

Part of Monday’s approval of the tax jump included an updated five year financial plan, which sees tax revenue from properties increase to $155.6 million by 2026.

The jump of six per cent is double the amount passed in 2021.

Property taxes are due July 4, 2022.

Unpaid balances between July 5 and Aug. 31 will incur a two per cent penalty. An eight per cent fee will be added from Sep. 1 onwards.

Tax bills are set to be mailed out in the coming days.

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