The property tax rate in the District of North Vancouver is going up by 2.5 per cent this year, council decided May 4.
For single and multi-family homes assessed at $835,909, that will equate to $48 more in taxes, according to Nicole Deveaux, general manager of the district’s finance and technology department.
Should a home have a higher assessment value than the average, the owner can expect to pay more, while those assessed below will pay less.
The increase keeps the district competitive with surrounding municipalities, Deveaux added.
“The average for the last five years has been 2.5 per cent, so we’ve pretty much stayed on course,” she told the North Shore News.
“We’re doing quite well because we did all the heavy lifting in 2010.”
That heavy lifting occurred when the district cut operating costs by $5.6 million five years ago. Staff did a full review of services, eliminating what no longer worked while consolidating what did.
“I always say to council, had we not done that back in 2010, our tax rate increase would have been 7.1 per cent higher this year than it currently is,” Deveaux said.
Of the 2.5 per cent hike, 1.5 per cent will go to operational services, like fire and police, while the rest will be used for capital projects. A main focus for council this year, Deveaux explained, will be investing in transportation, including replacement of the Keith Road Bridge.
Homeowners in the District of West Vancouver, meanwhile, will see property taxes increase by 1.62 per cent, which amounts to an extra $54.29 on an average assessment of $2,013,612.
“It’s a conservative increase,” said financial controller Raj Hayre. “Our original recommendation to council was for a tax increase just under three per cent.”
Capital projects for 2015 include upgrades to Altamont Park and to the Citrus Wynd treatment plant.
For residents who may be a little strapped for cash, the province’s homeowner grant can alleviate the financial impact, Hayre noted. Those who qualify can get up to $570. Seniors and those with a permanent disability can also apply for an additional grant of $275. The threshold for this year’s homeowner grant is $1.1 million, but it will be reduced by $5 for every $1,000 that exceeds the threshold.
Another payment option is the deferment program, where if approved, the province issues a small-interest loan to the homeowner so they can pay their property tax. To qualify, applicants must be either 55 or older, a surviving spouse, a person with a disability or a parent financially supporting a child.
Taxes are due July 2.
West Vancouver council approved the tax bylaw at their April 27 meeting.
