The Thompson-Nicola Regional District’s board has approved the regional district’s 2012-16 financial plan. The 2012 provisional budget is estimating a tax requisition of approximately $22.4 million, which equates to a three per cent increase from last year.
“Base taxes, with the exception of solid waste management, haven’t increased since 2006 when a large increase was implemented,” said Tanya Garost, TNRD director of finance.
“Instead of doing a large increase that would carry us through our current five year plan, we are recommending smaller, incremental increases of 3 per cent this year, and between 2.5 per cent and three per cent for 2013 and 2014.”
Tax increases in 2015 and beyond would be dependent on service levels, levels of operating reserves achieved and amounts of new growth taxation. Taxation of solid waste management was increased in 2008 and is not forecast to increase through the current five year plan.
The TNRD has been relying heavily on operating reserves and new growth taxation as of late to keep taxes at the current rate. The overall three per cent increase translates to an increase in property tax for the average assessed residential household of between $1 and $8 for member municipalities. The increase for the average assessed residential household in the electoral areas ranges from $1 to $25 for 2012.