City growth isn’t likely to further reduce property taxes.
City of Kamloops corporate services director Kathy Humphrey said early numbers from the BC Assessment Authority reveal a projected $1.2 million in anticipated tax growth.
“We’ve looked at the numbers and basically it’s coming in roughly where we thought,” Humphrey said.
The $1.2 million was deemed a conservative estimate by the city during provisional budget talks.
Growth helps to ease the tax burden on existing taxpayers because more people are essentially splitting the tab at city hall.
The city typically estimates $1 million in growth taxation, Humphrey said.
Kamloops has seen record-setting construction numbers in the past two years.
BC Assessment’s final figures will not be shored up until mid-March, when an independent review panel concludes the appeals process for property assessments.
Council approved a 2019 provisional tax rate hike of 3.4 per cent, or about $65 for the average assessed residential property.
Supplemental budget items have yet to be discussed by council and the budget will not be finalized until April.
Humphrey said a reprieve could come when finalizing other numbers in the provisional budget, such as carbon tax estimates.
“We’re hoping that there’s some things that will come down to bring it lower than it is right now,” she said of the provincial property tax hike.
While the average property in Kamloops is expected to increase in assessed value by about eight per cent this year, that does not mean property taxes will rise by that much.
“Where that matters to people is if your house has increased more than the average, you’re probably going to pay more than your share of the tax increase,” Humphrey said.