Town of Comox residents can expect an increase of 5.47 per cent to their property tax rate this year, equalling around $84.58 per household to live in the municipality.
The number is based upon an average home in Comox worth $780,000, explained Jordan Wall, the town’s chief administrative officer.
At the April 17 meeting, council formally approved the municipal property tax rate. Council also approved an increase of five per cent for business properties and an Infrastructure Renewal Fund for $51.70 to the average business property on the general municipal levy.
At a council meeting in February, council previously passed a motion for a $51.70 infrastructure renewal charge to be included in the 2024 tax notices for residential properties, which reflects the year-one cost increase required to close the town’s infrastructure gap in 10 years.
Coun. Jonathan Kerr said he was “shocked” on the low property tax rate for the town.
“Comparing this to other communities, I expected it (to be higher) with 14, 15 per cent across the province. How is our number so low?”
Wall explained the number is due to a few factors, including staff ensuring efficiencies within the municipality.
“Staff have one a really good job in making sure we don’t have superfluous spending and that we’re focused on the core service provisions with the town.”
He added it is difficult to compare percentages in different municipalities because every municipality calculates numbers differently.
“How are they funding their infrastructure? It’s not an apples-to-apples comparison.”
Property tax notifications are mailed out near the end of May and are due by July 2, 2024.