Cranbrook residents can expect to see 2025 assessment notices arrive in mailboxes over the coming weeks.
City staff say on average the market value of Cranbrook properties rose by seven per cent.
The typical assessed value of a single-family home in
Cranbrook is now $503,000 compared to $468,000 last year.
While an increase in property value likely means an increase in taxes, the city says that does not mean it will be a seven per cent increase.
Council still has yet to set what the increase will be in 2025.
Budget talks have already been under way and the next budget meeting is set for Jan. 25.
Mayor Wayne Price says it will be tough to get the increase down to a number residents are fine with.
“I’ve been saying this for the past two years, but this year is going to be the most difficult year council has had in a long, long time with the budget,” he said.
The next budget meeting is open to the public and runs from 3-7 p.m. in council chambers.
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