Town of Comox residents can expect an increase of close to five per cent to their property tax rate this year, equalling about a five-dollar increase per month per household to live in the municipality.
At the May 4 meeting, council formally approved a 4.8 per cent municipal property tax rate over the same properties taxed in 2021. This means for a single-family property, the increase will be $65.13, and for businesses within the town, the cost will increase by $187.29.
At a previous council meeting in April, Jordan Wall, the town’s chief administrative officer explained the municipality has about a 5.8 per cent increase required to fund the additional costs that they have seen through a variety of factors including inflation, capital costs and the addition of a full-time staff member.
Coun. Maureen Swift said while discussing the tax rate, council has to bear in mind that reducing taxes this year will on inflate the rate in future years, and noted she would be comfortable just under the five per cent range.
At 4. 8 per cent, Mayor Russ Arnott noted the rate is still the lowest tax rate in the Comox Valley.
A special council meeting is set for May 11 at 4:15 p.m. to formally adopt the bylaws with a committee of the whole meeting set to follow immediately afterward.
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