Regional District of Nanaimo directors were presented with information that will form the basis of taxation and spending for 2024.
RDN staff detailed the proposed 2024-28 financial plan at a special meeting on Tuesday, Nov. 7. Tiffany Moore, RDN chief financial officer, told directors the recommended tax requisition for 2024 is $88.7 million, an increase of $10.1 million from 2023, or 12.9 per cent.
“This [12.9 per cent] increase needs to be talked about at the service level to be understood,” said Moore. “Unlike a municipality, a single overall tax increase does not exist. Each property in the RDN receives a combination of 107 services the RDN provides and as such, the financial implications vary widely by property.”
City of Nanaimo homeowners are forecast to pay a total $714 for a house assessed at the average value of $775,000, according to the budget document. This would represent a total tax increase of $85 for the average house in Nanaimo, said the RDN. Moore said the highest tax increases relate to transit in the southern part of the region, at $41.84 for a house of average assessed value.
For the District of Lantzville, residents would be responsible for $723 for a house assessed at the average value of $1.1 million, for a total tax increase of $106. The biggest increase is coming about due to wastewater treatment, at $27.06 for an average house.
Residents of the South Wellington, Cassidy and Cedar area would pay a total of $886 in regional taxes for a home assessed at the average value of $842,000, representing a total increase of $104. Community parks account for the highest tax increase at $19.37.
For the Gabriola Island area, residents owning a house assessed at the average value of $738,000 are projected to pay a total of $573, which represents a $43 increase. Like the Cedar area, community parks also has the highest tax increase, but at $14.75.
Those residing in Extension-East Wellington-Pleasant Valley, with a house assessed at the average of $1.1 million, would pay $1,119, representing a total tax increase of $132. Community parks also accounts for the highest tax increase at $36.37.
The average house in Nanoose Bay is assessed at $1.3 million and homeowners would pay $1,136 in regional taxes, representing an increase of $146. Community parks represents the highest tax increase at $26.06.
In an e-mail, Manvir Manhas, RDN manager of capital and financial reporting, told the News Bulletin tax amounts are estimates based on 2023 and will be updated with information from B.C. Assessment in February.
Additionally, residents with houses assessed at below the average residential value will pay less in taxes, she said.
Notable capital projects the RDN is budgeting for include a waste shredder at the Cedar landfill, which compacts garbage and is projected to increase the life of the yard by six years, with a $1.5 million price tag.
Budget work will be ongoing, with staff scheduled to make another budget presentation on Dec. 12, with an amended plan to be presented Feb. 27.