After settling on a 4.5 per cent increase to the tax levy for Trail property taxpayers last week, Trail council met for a special meeting Wednesday morning to formally have the rate increase on the books.
According to the breakdown provided by Colin McClure, Trail’s chief administrator, the homeowner of an average-valued single family dwelling ($387,698) will pay $2,521 or: City of Trail ($1,042); school district ($665); regional district ($730); Kootenay Boundary Regional Hospital ($71); other ($13).
He noted a major tax shift occurred again in 2023 due to residential assessed values going up by an average of 17 per cent and assessed values of major industry and utilities having little change. The municipality adjusts the tax multipliers each year to keep the tax allocation between classes consistent.
“However, the multipliers for (the regional district) and hospital are set by the province and have not changed in years,” he explained. “So the significant change in residential assessed values, like in 2023 and 2022, has resulted in tax shifting, from major industry to residential.”
Residential property taxes also include a specified flat tax “as part of distributing general service costs more equitably across the residential tax base when considering the substantial variance in assessment levels and changes in assessments on an annual basis.”
The 2023 flat tax is established at $260 per residential property.
Once the financial plan, tax rates and reserve funds bylaws are adopted, property tax bills will be out in the mail.
Property taxes must be paid in full by July 4. Tardy taxpayers will be subject to a 10 per cent penalty.
Comparatively, Rossland taxpayers will see a 3.5 per cent hike this year, Castlegar homeowners 6.5 per cent and Nelson, 5.8 per cent.
As a reminder, taxpayers must claim their homeowner grant directly with the province by calling 1.888.355.2700 or online at : gov.bc.ca/homeownergrant. This must be completed before paying property taxes. A jurisdiction number and roll number are required to apply.
Property taxes are the city’s main revenue source. Percentage-wise major industry tax accounts to 61.33 per cent; residential tax 26.64 per cent; business 7.76 per cent; utilities 4.13 per cent; recreation/nonprofit 0.06 per cent; light industry 0.05 per cent; and managed forest 0.03 per cent.
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