Municipal taxes will see an increase of 3.89 per cent in the City of Victoria this year after council adopted its 2022 tax rates on Thursday (May 5).
The city last week amended its tax rates to evenly spread tax increases among all property types in 2022. That move hardly impacted the amounts average residential and business properties will pay, but was aimed to provide some relief to the city’s handful of light and medium industrial businesses as they faced higher proposed rates.
The amendment specifically reduced light and major industry tax rates below the rate for general businesses.
Under the 3.89 tax increase, the average residential property (with an assessed value of $966,000) and a typical business were set to pay $104 and $262 more in taxes, respectively. Lowering rates for light and major industries will add $1 and $3 to those respective amounts.
The 3.89-per-cent tax increase comes as assessed values are up in the capital city. Average assessed values of residential properties increased by 15.85 per cent, with businesses going up by 5.63 per cent.
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