District of Taylor recommends five per cent tax increase in 2024 budget

TAYLOR B.C. — The District of Taylor continued discussing the 2024 budget during Monday’s committee of the whole meeting, which includes a five per cent increase in municipal taxation. 

Out of the four options presented to council, option two was selected, which would increase the tax rate by five percent across all tax assessment classes, such as residential, utilities, major and light industries, and more.

The tax plan is expected to bring a balanced budget with $114,000 to be put back into municipal reserves for interest revenue.

Details from the report say residential property assessment values decreased by 6.94 per cent in 2023 and provided an example of an average home worth $300,000 decreasing to $279,181 in 2024.

According to the example, residents who had a home value of $279,181 paid $1,057 in 2023 and would pay $1,110 in 2024. An approximately $53 increase.  

The district is expected to have $15.043 million in capital and operating revenue and expects a cost of $15.420 million in expenditures in 2024. 

Total taxation revenue is expected to cover 48.7 per cent of 2024 operational expenditures.

The other 51.3 per cent of expenditures will be covered from grants, operational revenue, utilities, and more. 

The plan will also allow the district to provide similar community services in 2023.

According to Tyla Pennell, director of corporate services, the district’s tax rates are below the regional average in 2023, excluding major industry and light industry.

Other considerations from council in selecting the tax rate included the overall financial impact on taxpayers, the housing market impact, long-term sustainability and growth of municipal operations.

A public budget consultation meeting for the 2024 budget tax rates is set for March 11th, 2024, at 6:00 p.m. at the municipal office.

The tax rate bylaw will be adopted by May 15th. 

The full proposed tax report and 2024 – 2028 financial plan can be viewed below: