City mails out 2019 property tax notices

Key Points

• BC Assessment is responsible for the valuation of properties within the City of Nanaimo. The overall residential assessment values in Nanaimo have increased by an average of 12.83 per cent, with 10.53 per cent of that related to market changes and 2.3 per cent related to new construction. The average home value increased to $516,418 from $467,220. Visit www.bcassessment.ca for more information.
• The average home will pay an additional $212 in taxes and user fees for 2019. This amount includes property taxes and user fees for the City of Nanaimo along with levies from the following government agencies: Vancouver Island Regional Library, Regional District of Nanaimo, Regional Hospital District, School District #68, BC Assessment and Municipal Finance Authority.
• Taxes are calculated by multiplying the applicable tax rate for every $1,000 worth of a property’s assessed value. The residential tax rate for all taxes this year is $6.90 (2018 was $7.28).
• July 2, 2019 is the due date for property taxes and, if eligible, to claim the Home Owner Grant.

Quotes

Quick Facts

• The City owns in excess of $3 billion in infrastructure.
• The City maintains these assets using a number of resources including the general, sewer and water asset management reserve funds that were created in 2013.
• In 2019, increased funding for these reserves will come from a one per cent increase to property taxes for the general asset management reserve, a 2.5 per cent increase to water user fees for the water asset management reserve and an increase of four per cent to sewer user fees for the sewer asset management reserve.

Attachments

• 2019-2023 Financial Plan Quick Facts

  Infographics breaking down where your tax dollars go.

Links

• Property Taxes

• Budget Information

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