Residents of the Town of Sidney can look at an almost six per cent tax increase this year after town council members unanimously voted in favour of the 2024 tax rates.
At a council meeting on Monday, April 22, council members passed the first three readings for the 2024 to 2028 financial plan and the 2024 tax rates bylaw which will see about a 5.9 per cent tax increase for Sidney property owners.
On average, households will be paying around an extra $230 to contribute to about $15.4 million in tax revenue for the town.
The first draft of the budget in February saw a proposed tax increase of 8.4 per cent.
“We started with a little bit of a higher number and we’re able to bring this down, so I think staff did a tremendous job in helping us get there,” said Coun. Steve Duck. “I think given the surrounding [Capital Regional District] tax rates we should be very proud of what we’ve accomplished here in Sidney.”
Andrew Hicik, director of finance for the town, said a major contributor to the larger-than-average tax increase is due to the regional transit levy which went up by about $66, or 41 per cent, the highest increase in the levy that he had ever seen.
The bylaws passed unanimously and final readings will go through council at a later date.
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