Saanich council has finalized the district’s 2024 budget with a property tax increase of 7.93 per cent, which will translate to a $271.08 increase for the average homeowner.
This is a slight bump from the previously reported tax increase of 7.91 per cent due to adjustments related to BC Assessment values.
On Tuesday (April 16), the budget was given its last changes by Saanich council, with final touches being ironed out such as grant funding allocations to local organizations and the district’s contribution for regional emergency radio communications infrastructure.
This also finished up the trimming councillors were doing to bring down the tax increase.
As initially presented at the end of February, the budget would have included an 8.69-per-cent tax increase.
A report from the district noted that 1.6 per cent of the tax increase is directly caused by inflation-related increases to materials costs, and 1.3 per cent is due to inflation-related increases in labour costs.
With that taken into consideration, inflation accounts for over 36 per cent of the property tax hike.
In addition to the property taxes being raised, water rates are to go up by 6.13 per cent, sewer rates will jump by 4.25 per cent, and garbage fees will rise 7.89 per cent. Like the property taxes, these figures represent the bump for the average homeowner.
The budget is now set for a final vote before council on May 13.
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