By NanaimoNewsNOW Staff

2019 City of Nanaimo property tax increase set at 5 per cent

Apr 29, 2019 | 6:53 PM

NANAIMO — Home owners will grapple with one of the largest property tax increases in recent years.

Nanaimo councillors on Monday, April 29 gave three readings to a five per cent property tax increase for 2019. 

Four per cent of the increase is for a general tax increase, funding City services, initiatives and employment. The other one per cent will allocate $1 million to the general asset management reserve.

Including tax increases for the Vancouver Island Regional Library, the Nanaimo Regional Hospital and the Regional District, the total tax increase comes to slightly more than six per cent.

City of Nanaimo staff said the average Nanaimo home, valued at roughly $516,000, with pay slightly more than $2,100 in property tax in 2019.

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Roughly $50 a year was already added to the bill an average Nanaimo home would handle for increased user rates.

The average property tax increase in Nanaimo in the last 10 years hovers around two per cent.

The proposed 2020 property tax increase is estimated to be 3.6 per cent, falling to 2.9 per cent in 2021.

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