236249
228477
Kamloops  

Kamloops council adopts tax rate, financial plan bylaws including 9.55 per cent property tax increase

Tax rate adopted by council

In a unanimous vote, Kamloops city council has approved this year’s tax rate bylaw — including a 9.55 per cent property tax increase — as well as its five-year financial plan.

The adoption of the financial plan and tax rates bylaws took place during Tuesday’s council meeting.

Lewis Hill, the city’s financial services manager, noted the actual amount of tax owed by each residence will vary depending on the property’s assessed value.

A residential property tax estimator is available on the City of Kamloops website so property owners are able to see an estimate of what they owe.

The website noted the actual value of property tax for any given year will be shown on the property tax notices mailed out in May.

The approved 9.55 per cent property tax increase is lower than the provisional 9.8 to 10.8 per cent increase initially estimated by administration last fall.

The budget will include four of eight requested supplemental budget items — two of which will be funded by taxation, with only one of these items impacting the 2024 tax rate.

These approved supplemental budget items include an increase in taxation-based funding for the city’s drainage capital program, and allocating gaming reserve funds and using short-term debt for streetscape improvements in the 500-block of Victoria Street.

Funding from the city’s gaming reserve will also go toward a study on redesigning the Heritage House parking lot. A small increase in taxation-based funding will help expand the city's funding agreements program.



More Kamloops News

236331