Kimberley city council is getting closer to adopting its 2024-2028 Five Year Financial Plan and tax rates bylaws after passing the first three readings.
Residents can expect the city’s parcel tax to come in at $213.73 for every property, regardless of zoning type.
Kimberley’s flat tax rate is charged on every residential property in city limits and it will remain unchanged at $306.
Meanwhile, the municipal tax is expected to raise 5.33 per cent for 2024.
City officials said this means the average assessed home at $540,885 will be charged $2,870.49 in property taxes for the year,
This is an increase of about $140 over Kimberley’s tax rates for 2023.
Mayor Don McCormick said Kimberley’s capital projects will not have an impact on the city’s proposed tax hike.
“This proposed increase is only to maintain what we have. It’s not related to our projects because those are funded through our general reserve funds,” said Mayor McCormick.
“That increase is to maintain the services we have now and cover operating expenditures such as staff salaries, reserve contributions and debt repayment.”
The city is also faced with inflationary pressures, as its projected expenditures for general operations are expected to increase by about $186,000.
The 2024 budget and tax rates bylaws will come back to council chambers for adoption on May 13.
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