Kamloops city council signed, sealed and delivered its budget this week, approving a bylaw that officially wraps up a lengthy process at city hall and sets tax rates for residents, businesses and industry.
The final residential property tax hike is 2.96 per cent, resulting in an increase of $62 to the average household. Council has decreased slightly major industry’s rates at a cost of about $4 to the average household.
Residents will pay $4.98 per $1,000 of assessed value; businesses will pay $13.57; major industry will pay $71.81; light industry will pay $20.39; non-profits will pay $14.52 and farms will pay $13.65.
In addition to the city’s portion of taxes, the Thomspon-Nicola Regional District and hospital district collect taxes.
Residents, non-profits and farms will pay to the TNRD and hospital district an additional 77 cents per $1,000 of assessed value; businesses will pay an extra $1.89; major and light industry will pay $2.62.
Council voted unanimously in favour of the tax hike, in addition to its five-year financial plan.