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Leap in assessments doesn’t mean surge in property tax
The City of Cranbrook is inviting the public to provide its feedback and comments on the proposed 2022-2026 Five Year Financial Plan.
Beginning the budgeting process in June 2021, city council and staff have collaborated and come together to prepare the 2022-2026 Five Year Financial Plan for adoption, following the Special Council Meeting of Wednesday, January 12. The proposed budget has a 2.75% tax levy increase, which is a 1.75% general tax increase and 1% dedicated road tax for the 2022 Capital Roads Program.
“After several months of hard work by staff and council, we’re now ready to collect the public’s feedback on our 2022-2026 Five Year Financial Plan,” said Mayor Lee Pratt. “It has been council’s focus throughout the COVID-19 pandemic to limit financial burdens on our taxpayers while still looking ahead and planning for the future.”
B.C. Assessment recently distributed 2022 assessment notices to communities throughout the province. Reflecting a property’s market value as of July 1, 2021, the reassessment of single-family residential properties led to a 21% average increase in the City of Cranbrook. However, property owners will not see a 21% increase on their tax bill. The property tax increase is proposed to be 2.75%.
The typical assessed value of a single-family home in Cranbrook increased from $327,000 in 2021 to $397,000, based on the new 2022 value, a 2.75% increase to the tax levy results in a $63 increase to the municipal tax bill.
“Under the proposed 2022 budget the total municipal tax levy increase is 2.75%,” confirmed Charlotte Osborne, Director of Finance for the City of Cranbrook. “Those whose assessment increased more than the average will see their taxes go up more than 2.75%. Conversely, if a residential property owner’s assessment was below the average 21% increase in Cranbrook, the property owner would see less than 2.75% of an increase in their annual property taxes.”
Cranbrook’s proposed tax increase is also lower than most other comparable communities in British Columbia in 2022.
Below is a list of municipalities that have publicly proposed the following tax increases:
Campbell River – 3.13%
Kelowna – 3.64%
Creston – 3.65%
Salmon Arm – 4%
Squamish – 4.10%
Lake Country – 4.85%
Kimberley – 4.70%
Terrace – 5.52%
Penticton – 5.70%
Vernon – 6.88% .
Cranbrook’s 2.75% tax levy increase pertains only to the municipal portion of a property owner’s tax bill.
A residential homeowner may see a larger increase dependent on the varying tax rates established for School District No. 5, the Regional District of East Kootenay (RDEK), Kootenay East Regional Hospital District (KERHD), and B.C. Assessment.
Copies of the proposed 2022-2026 Five Year Financial Plan are available at www.cranbrook.ca or can be picked up at City Hall as of Friday, January 14.
Any comments from the public must be submitted by writing to City Hall before 4 p.m. on Friday, January 28 for consideration at council’s regular meeting on Monday, February 7.
City of Cranbrook
