Council sets 2023 property tax rate

Key Points

• The City of Nanaimo's property tax increase for 2023 is set at 7.2 per cent (6.2 per cent to cover operating costs and one per cent for the Asset Management Reserve for 2023). This equates to an additional $178.50 for 2023 or $14.88/month for the City portion of a typical household's tax bill.
• City of Nanaimo property taxes are due July 4, 2023. A late property tax payment penalty of two per cent will be applied to payments made after July 4, 2023 and an additional eight per cent will be added to payments made after August 31, 2023.
• The City of Nanaimo determines the tax rate based on what is needed to balance the budget for the year. Each household's tax bill is calculated based on the property’s assessed value, which is determined by BC Assessment, and then by the tax rate.
• The City also collects fees and taxes on behalf of the Regional District of Nanaimo and Nanaimo Regional Hopsital District (rdn.bc.ca), Vancouver Island Regional Library (virl.bc.ca), School District 68 (sd68.bc.ca) and BC assessment (bcassessment.ca).

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Quick Facts

• An average home will pay $2,163 ($5.93/day) for City services in 2023.
• Municipalities must set their tax rates for each property class, by bylaw, before May 15 of each year, and they must submit their tax bylaw to the Ministry of Municipal Affairs and Housing, which reviews and publishes annual tax rate and tax revenue information.
• The City owns and maintains over $3 billion in infrastructure assets such as roads, water mains, facilities, drainage, parks and the sewer system.
• Starting in 2020, the City began budgeting to add 15 new RCMP members, three per year, over a five year period. In addition, 2023 will be the first full budget year for four additional bike patrol members that were added to the budget in 2022. These geographically targeted units will patrol the downtown area and work proactively in an outreach capacity with the Community Outreach Team.

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