Cranbrook has adopted its 2024 tax rates bylaw and notices will start being sent out to residents.
“The increase in the tax levy over 2023 is 8.32 per cent,” said chief financial officer Charlotte Osborne.
“For an average residential property in Cranbrook valued at 468,000, the increase to the tax levy results in an annual tax increase of $218 or $18.17 per month.”
The city has brought back the dedicated road tax this year, which is earmarked completely for improving the roads in Cranbrook.
It was taken out last year to keep the tax increase lower.
“Last year council suspended the one per cent growth component of the road tax,” said Osborne.
“That growth component has been reinstated for 2024. In 2024 the road dedicated tax collected will be $3.4 million.”
Staff are in the process of preparing the tax notices and sending them out to property owners.
Property taxes are due on July 2 and any payments received after that date will be subject to a 10 per cent penalty.
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