The City of Duncan has approved a tax rate increase for property owners in the community.

Director of Finance Talitha Soldera says the increase means homeowners will be paying an additional 37 dollars a year in property taxes.

With new investment, the increase is approximately 3.5 per cent.

New investment includes the creation of new business or residential properties.

Property taxes are increasing by 2.5 per cent in North Cowichan and Director of Financial Services Mark Frame says that results in an additional 37 dollars a year in property taxes.