It’s that time of year again!
Taxes are due and all municipalities across BC are working out the kinks in their budgets. However, this also means that homeowners are having to reckon with their property taxes going up.
Generally speaking, most municipalities try to keep their budgets as low as possible to not impose an increased financial burden on the residents they serve, but are often under pressure from all departments in the city for more money.
That, combined with inflation is the reason everyone is having to pay more.
According to the Province, all municipalities must have their official budgets adopted before May 15th. Until that time, several deviations from the following numbers could take place.
Here is what each municipality throughout Greater Victoria is proposing when it comes to property tax increases:
Victoria
Although not finalized yet, the Draft Financial Plan 2024-2028 is currently calling for an increase of 7.93% to property taxes.
Victoria Buzz erroneously published that the tax increase would be 9.44%, but that is not correct. This article has been corrected with accurate figures.
This is down from a previous version of the draft which had the tax increase estimated at 8.37%.
The operating budget for the City of Victoria in 2024 has been estimated at around $328 million with a capital budget of around $83 million.
Most of the budget goes to VicPD, with 22.7% funding more policing and efforts towards better public safety.
Saanich
Taxes in Saanich are currently slated to increase by a total of 7.91%, a reduction from the previously proposed 8.69%, as per their draft financial plan.
This is because the District of Saanich is looking to increase property tax by 2.92%, for capital infrastructure, tax will go up by 2.96%, Saanich Police will get an additional 2.59% and the library will be getting 0.22% more.
According to the District, this totals around $296.77 more this year for the average single family homeowner.
The largest parts of the budget are the engineering department who get 33% of the budget and the Saanich Police who get 17%.
Esquimalt
Esquimalt is also facing a potential tax increase of 7.72% this year.
The most significant items in their proposed budget are policing—they contribute to VicPD’s budgets a fraction of what Victoria pays, new staff requests from departments of the Township, asset management and accounting for the impact of 2023’s costs.
Overall, the Parks and Recreation department takes the biggest piece of the pie in Esquimalt with 24% of the budget going to them, with police not too far behind, taking 20% of the Township’s budget.
Oak Bay
In Oak Bay, the tax increase in 2024 will likely be 9.73% in 2024.
This figure will represent around $365 for the average Oak Bay resident and it is required by the District to account for an additional $3.2 million.
This additional money is needed due to forced growth, infrastructure projects and maintenance, new staffing in sustainable services, contaminated soil fund, a new service that will commit some funding to graffiti cleanup and beautification, along with a few other marginal increases.
In Oak Bay, the top budgetary items are the Parks and Recreation department who utilize nearly $17.4 million, then Engineering is next with a $7.5 million budget followed by policing who receive $6.5 million.
Langford
In early March, the Langford city council unanimously approved the tax hike at 15.6%.
This is in contrast to the initially proposed 11.79% property tax increase to help pay for all the City’s growing departments in the expanding community.
In Langford, they are committing 21% to the West Shore RCMP and the next biggest piece of the pie is Parks and Recreation which is getting 17% of the budget.
The increase is being implemented because they expect that Langford’s expenses will be going up from $67.8 million to upwards of $81.6 million.
Colwood
Colwood’s taxes are going up only marginally, when compared to Langford’s increase by 4.9%.
The City says that most of this increase is coming from capital projects that have already been set in motion such as a waterfront walkway, pedestrian and cycling bridge, new sidewalks, cycling infrastructure, better intersections and crosswalk improvements.
On top of this, they are planning for recreation facilities, public washrooms and park improvements.
The capital improvements represent a 3.26% property tax increase in 2024.
The other part of the increase to taxes is coming from money which is being set aside for infrastructure repairs. This represents a 1.64% increase.
View Royal
View Royal’s proposed budget shows residents’ property taxes go up by 6.4%.
This additional funding for the Township will allow for the allocation of two additional RCMP officers, five more firefighters, funding for an update to the Official Community Plan and the completion of the roundabout at Atkins and Six Mile Roads.
View Royal says this means for the average property owner, they will see their taxes bump up by around $164 per year.
Sidney
Sidney adopted their new budget in early March and taxes will be going up by 6.04%.
The Town of Sidney says that this increase will help them have the operating budget they require of $28.9 million.
In addition to this, the Township also has to fund their upcoming and ongoing capital projects.
This equates to an additional $8.50 per month or $102 per year.
Sooke
The District of Sooke has proposed a 10.53% tax increase for its homeowners, down slightly from a previously discussed 13.31%.
The rationale behind the tax hike is that the District says they have managed to keep their residential taxes low for years, even through a difficult time in which they wrestled with the high rate of inflation.
Through that time, the District of Sooke increased their municipal staff from 29 employees to around 60, according to their financial plan.
For context, the Five Year Financial Plan included that of the surrounding municipalities up-island and throughout Greater Victoria, they pay the second lowest in residential property taxes with an average of homeowners paying $1,594 per year.
The average for all those municipalities considered is $2,381, according to the District of Sooke, meaning their residents will still pay relatively low taxes.
Metchosin
According to Metchosin’s proposed draft budget, they will be requiring a 7.1% increase to property taxes this year.
Victoria Buzz erroneously published that the tax increase would be 22%, but that was based on information from a 2023 budget package. This article has been corrected with accurate figures.
Their entire municipal revenue is just over $6 million, but their estimated expenditures are just over $6.7 million.
This means there is a deficiency of over $700,000.
Highlands
Highlands are still going through the motions to get a budget put together, but thus far, it looks like the District will be increasing taxes by 5.5%.
This will bring the average residence’s property taxes up by around $120 per month.
Their draft was only just introduced in the March 25th Committee of the Whole meeting. The next time council will be speaking about the plan and next steps will be on April 15th.
Central Saanich
Central Saanich is proposing to increase their taxes by 7.76%. They say this should equate to just around $185 per household.
The municipality will be spending nearly 25% of their budget on police services, with another near 25% being put toward general government expenditures.
Central Saanich also has a few capital projects in the works which would see improvement coming to roadways, sewers, water systems, vehicles and others.
North Saanich
The District of North Saanich is going to potentially be raising their taxes by around 7.8%.
They say that their budget is designed to maintain or enhance existing levels of service to taxpayers, and support Council’s strategic goals.
This raise in taxes represents just around $122 for the average North Saanich property owner.
In conclusion
Housing prices are up, gas prices are up (again), grocery prices are still up, the interest rate hasn’t come down in a long while—trying to stave off rising inflation and regardless, inflation is still high.
Do you think property tax funding goes to appropriate resources in the municipality you live in?
Which municipality do you think is doing the best by their residents?
Let us know in the comments!
