The City of Duncan has adopted a tax increase of 11 per cent which they say is an average commercial and residential increase on properties.
During a committee of the whole meeting, staff was directed to draft the 2025 Tax Rates Bylaw with a commercial tax which a report from director of finance Bernice Crossman results in an equal increase for residential and commercial properties.
The increase in taxes includes an increase in policing costs by 11.73 per cent ($735,799) and capital assets management by 1.75 ($110,922) per cent and operating costs of 0.83 ($53,470) per cent.
The city says the increase in taxes translates into a small portion of roughly $17.83 a month for assessed properties.
“The proposed 11.3 per cent tax increase translates to an estimated additional $214 per year for homeowners with a residential property valued at the 2025 average of $585,448,” they say.
Tax rates depend on property assessments provided by BC Assessments and the city says the increase could be less than the amount slatted.
“Properties that increase in value by the same percentage as the average property will experience a tax increase at the same time as the overall tax increase,” they say. “Properties that increase or decrease in value by more or less the average will experience in their taxes that are more or less than the average increase.”
To see the full adopted budget and tax rate visit the city’s website, or BC Assessment.
