City Council Finalizes 2021 Budget and Property Tax Rate
Kamloops BC – With the adoption of the Tax Rate Bylaw on May 4, 2021, Council finalized the process for setting the 2021 budget and property tax rate and approved the lowest budgeted tax increase in over a decade. After factoring in growth, the property tax increase within the budget as a whole is 0.93%. This is approximately $20.72 in additional charges for the average residential household. Taxes on an average residential home in Kamloops (currently valued at $497,000) will be around $3,570 before the application of Home Owner Grants, which residents can now apply for directly through the provincial government.
Keeping the tax rate as low as possible was a key consideration for Council as the community continues to be economically impacted by the COVID-19 pandemic. With the help of grants and COVID-19 relief funding from other levels of government, Council was able to achieve this goal while still proceeding with the vast majority of planned and proposed projects and without reducing service levels.
In the Tax Rate Bylaw, property tax amounts are presented as a tax rate, which is the amount of tax payable for every $1,000 of assessed value of a property. For each property owner and class, the rate is calculated using a combination of the assessed value from BC Assessment and the Council-approved property tax requirement. Therefore, the increase or decrease in an individual property’s taxes reflects both the increase in the City’s budget and the change in value of that property as it relates to other properties in the city.
|Class||2021 Tax Mill Rate
(per $1,000 of assessed value)
|3. Supportive Housing||5.16|
|4. Major Industry||66.60|
|5. Light Industry||18.95|
|6. Business and Other||13.59|
|7. Managed Forest Land||16.50|
|8. Recreational Property, Non‑Profit Organization||14.02|
Kamloops tax rates continue to be competitive with other BC municipalities of a similar size. As tax rates are reflective of the average home price in a community, the best way for residents to compare property tax rates in Kamloops to those in other cities is to first find out what the average home price is in each community and then compare taxes on those homes.
“Putting your home value in another community’s property tax calculator does not give you an accurate estimate of what you would pay if you lived there because your home may have a different value in that community,” said Cara Dawson, the City’s Revenue and Taxation Manager. “A $400,000 home in Kamloops looks very different than a $400,000 home in Vancouver.”
This year, after an atypical year of delayed penalty dates in 2020, the property tax payment and penalty deadlines will return to normal, with property taxes for all classes due on July 2, 2021. A 10% penalty will be applied to all outstanding balances on July 3, 2021. Tax notices will be sent out at the end of May, and residents are encouraged to pay on time to avoid a penalty.
To learn more about how property taxes are calculated, visit Kamloops.ca/PropertyTaxes.
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