Tax rates based on land values

North Saanich’s overall tax rate is low; facing an increase in 2013

There was no increase in the District of North Saanich’s property tax rates in 2012.

Director of Financial Services Theresa Flynn confirmed to the News Review that the municipality last year saw a zero increase to its base tax (mil) rate across the board.

That base tax rate on residential properties in North Saanich was 1.71 per cent. In its March 27 edition, the News Review’s story on the district’s budget talks indicated this base rate was a tax increase in 2012, which was not the case.

The base tax rate is applied to property values set by the B.C. Assessment Authority. The rate is a percentage tax per each $1,000 of assessed value. For instance, applied to a home worth $500,000, a homeowner would pay around $856 in property tax.

Flynn said the tax rate is based on those assessments and can vary in order to bring in the cash needed for the municipality to operate. She expects the property assessments to come to the district later this month, with a final tax rate going to council at that time.

On top of that base rate, council has agreed to a 1.62 per cent increase in 2013. This would apply to all classes of tax in the district — residential, commercial and industrial.

Council had sought an increase as close to zero per cent as possible, but is facing added costs brought on, in part, by loss of revenue from change in the assessed values of the Swartz Bay ferry terminal and NAV Canada airport control tower property.

 

 

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