City of Cranbrook taxpayers can expect a municipal property tax increase slightly below four per cent this year.

The general municipal property tax increase (excluding school and other non-city property taxes) for a residential property in 2019 will be approximately 3.97% unless the property’s assessed value increased or decreased by more than the average increase of 5.03% for the class.

Based on the average increase, a residential property valued at $300,000 in 2018 would have an assessed value of approximately $315,089 in 2019.

The tax rates proposed by Cranbrook Tax Rates Bylaw No. 3965, 2019 will raise the $27,339,801 in general municipal property taxes required by the city as per its 2019-2023 Five Year Financial Plan. The 2019 tax levy represents an increase of $996,793 over 2018 (3.97% after adjusting for non-market change of $181,578 [2018 – $164,418]).

In 2019, the properties within the city’s boundaries have a collective assessed value of $2.79 billion (2018 – $2.64 billion).

According to BC Assessment, the majority of homeowners within the Kootenay Columbia region saw an increase in their property’s value compared to the 2018 assessment. The current year’s assessed value is based on a property’s market value as of July 1, 2018.

In Cranbrook, the 2019 residential and business class average assessed values increased 5.03% and 4.4% respectively over 2018. These increases are not representative of all the properties within each of those classes. Values do not necessarily move in the same direction for all properties within a class.

For 2019, the city’s budgeted revenues (and expenses) are $66.0 million (2018 – $64.8 million). The general municipal property tax levy of $27 million represents 41% (2018 – 40.3%) of all the funds required to operate the city and provide valued services to its residents.

Council gave three readings to the tax rates bylaw April 29.

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