Parksville residents will pay a little more in property taxes this year, but will not face any late penalties until the fall.
Council set the overall property tax increase at 3.5 per cent for all classes except Class 5 Light Industry, which was set at 10.8 per cent to bring the rate in line with the business property class rate.
The average residential property’s municipal portion will go up by about $56, the city said.
Council voted at its May 3 meeting to extend the property tax penalty for late payments to Oct. 1 from July 3 to support residents who may be financially impacted by the COVID-19 pandemic. A 10 per cent penalty will be applied to any current year property taxes owing after Sept. 30, the city said.
“The city encourages those property owners in a position to meet the annual July 2 tax payment due date to still do so to help keep city programs, projects and services in place and to meet the city’s mandated Aug. 1 obligation to the Regional District of Nanaimo (RDN),” reads a release from the city.
For the average residential property, the RDN wastewater charge will increase by about $3 and the Regional Hospital District tax will increase by $26 (34 per cent). The RDN’s taxes will decrease by $11. The school tax decreased by about $8, the city said.
Council adopted the 2021-2025 financial plan bylaw and delivered a balanced budget at its May 3 meeting.
It directed 0.5 of the 3.5 per cent tax hike be set aside into a capital reserve for future capital replacements.
Major capital projects this year include upgrade improvements to Memorial and Hirst Avenues, Bagshaw Street, Moss Avenue, McKinnon Street, a new fire rescue truck, the outdoor theatre in the Parksville Community Park and Parksville Community Centre (PCC) renovations. The consolidated expenditure budget of $43.9 million includes capital expenditures of $19.6 million, the city said.
Budget deliberation meetings were held in March with input encouraged through online opportunities, according to the city.
The 2021-2025 final financial plan can be viewed on the city’s website.