Taxes will increase by 3 per cent this year for residents of the Thompson-Nicola Regional District.
The TNRD board has approved the TNRD’s 2012 to 2016 Financial Plan, which includes an estimated tax requisition of $22.4 million in the 2012 Provisional Budget.
According to Tanya Garost, TNRD Director of Finance, the 3 per cent increase translates to an increase in property tax for the average assessed residential household of between $1 and $8 for member municipalities. For the average assessed residential household in electoral areas, the increase ranges from $1 to $25 for 2012.
“Base taxes, with the exception of Solid Waste Management, haven’t increased since 2006 when a large increase was implemented,” said Garost. “Instead of doing a large increase that would carry us through our current five year plan, we are recommending smaller, incremental increases of 3 per cent this year, and between 2.5 per cent and 3 per cent for 2013 and 2014.”
Garost said that tax increases in 2015 and beyond would be dependent on service levels, levels of operating reserves achieved and amounts of new growth taxation.
Solid Waste Management tax rates were increased in 2008 and are not forecast to increase through the current five year plan. Garost said the TNRD has been relying on operating reserves and new growth taxation as of late to keep taxes at the current rate.
