On Monday, January 19th the new Nanaimo Council will receive the Draft 2015 – 2019 Financial Plan.
If this budget is adopted it will mean 3.9% increase in taxes for 2015.
The proposed five year financial plan will increase Nanaimo property taxes by 12.8%. This amount will be more because it doesn’t include the taxes for water, sewer, garbage, RDN, schools and local hospital.
City of Nanaimo tax increases 2015-2019
In 2015 Nanaimo residents will pay 14.5% more for the following core services:
- Water rates 7.5%
- Sewer 5%
- Garbage 2%
What is causing the tax increases? Staffing is the largest cost including wage and benefit increases for:
- City of Nanaimo
- Vancouver Island Regional Library
- RCMP (3 additional members)
- Fire Station staff (4 additonal staff in 2016)
- (The City of Nanaimo eliminated 3 management positions savings $359,000) *price of settlements not included
Other reasons for tax increases are because of asset management, debt repayment and inflation.
For a single family home assessed at $350,000 that would mean an increase of $60.84 in taxes. This increase doesn’t include schools, hospital and RDN.
Also, don’t forget the other rate hikes for 2015 such as:
- BC Ferries 3.9%
- BC Hydro 6%
- ICBC 5%
- MSP 4%
- CPP 1.8%
- EI 1.2%
That would bring the total tax increases to approximately 50% for 2015.