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Kamloops property tax increase set at 3.4 per cent

April 27, 2016 - 12:00 PM

KAMLOOPS - The Kamloops property tax rate for this year has been finalized at 3.4 per cent.

The 3.4 per cent tax hike means Kamloops residents at $5.48 per $1,000 assesed property value.

For the average Kamloops home worth around $350,000 that’s about $1,918 for 2016, or an increase by $58 according to previous estimates from city director of finance Kathy Humphrey.

Last year property taxes went up 1.2 per cent or about $34 for an average household.

Businesses will be looking at rates of $14.02 per $1,000 of taxable value, while light industry is at $21.67 per $1,000 and heavy industry was brought down to $74 per $1,000.

Council lowered the tax rate for heavy industry this year after some debate and a letter from the city’s heavy industry taxpayers. Mayor Peter Milobar noted the Kamloops tax rates for heavy and light industries are notably higher than similar municipalities in B.C.


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News from © InfoTel News Ltd, 2016
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