Nanaimo council has passed a provisional budget for 2023 with a 7.3 per cent tax increase.
Initial bylaws for the city’s five-year financial plan, which includes the next budget, have been approved by council and are expected to go to final adoption in the new year.
The budget includes a 6.3 per cent general property tax increase, and another one per cent for the general asset management reserve.
The total 7.3 per cent change is expected to result in a $179 increase for an average home, or another $15 per month. An average home in Nanaimo is valued at $718,471.
User fees for water, sewer and sanitation are rising by $41 per month for the average home.
Property taxes and user fees on a typical home would move to $3,501 next year from $3,281 this year.
Council is planning to hire 20 more firefighters next year and 20 more by 2025 and to pay for new equipment as the community’s population continues to climb.
The projected tax increase only reflects Nanaimo’s share of taxes. Property owners will see other taxes on their annual bill, including those for schools, hospitals, libraries and the Nanaimo Regional District. Those agencies set their own budgets and the City of Nanaimo collects taxes on their behalf.
