In a 6-1 vote Monday, Courtenay council approved third reading of a tax rate bylaw that calls for an average $35.27 yearly increase for property owners, based on a home valued at $374,000. This equals $2.94 a month.
The lone council member to oppose third reading was Mayor Larry Jangula, who feels businesses pay too much tax.
“They’re telling me they’re hurting,” he said. “Small businesses in particular are a big part of what makes a community thrive.”
For 2018, the City requires $22.9 million in property tax revenue to pay for all budgeted expenses and the annual debt repayment. When water, sewer and solid waste user fees are applied to a property worth $374,000, the impact of rates, fees and property tax increases is $138.36. The tax increase for an average commercial property, valued at $779,400, is $223.60.
“That’s a huge difference,” Jangula said.
Over the past year in Courtenay, 154 new properties were added to the residential tax class. The commercial sector, however, saw a small reduction in numbers.
The bylaw will come before council for adoption Monday, May 7.