The Cowichan Valley Regional District is now considering an average tax increase of 16.35 per cent for 2024.
It’s anticipated that the board will finalize and adopt the budget at its meeting on March 13.
A tax increase of 19.33 was contemplated, but the board decided to reduce the amount earmarked for parks acquisition after approximately 200 people held a tax protest at its meeting on Feb. 28.
RELATED STORY: CVRD MULLING 19.33% TAX INCREASE IN 2024
The draft budget for 2024 indicates that 9.15 per cent of the proposed tax increase is for the district’s core services, capital project and asset-management investments, while 6.17 per cent of the increase is for regional recreation funding which is required, and a one per cent increase in funding for the Vancouver Island Regional Library and transit functions.
The amount of the increase on individual properties depends on where they are located in the CVRD, and the increases this year range from $24.90 in Electoral Area D to $258.92 in North Cowichan’s north end.
Drafting budgets for the CVRD is a complex process as its annual budget is made up of 178 individual budgets.
These budgets include regional services paid by all district residents and electoral area services, such as planning, and service-specific budgets like water and utilities.
RELATED STORY: CVRD EXPECTED TO LOWER TAX INCREASE AFTER TAX REVOLT AT BUDGET MEETING
The differences in tax rates across the CVRD stems from the amount and types of services each region in the district has agreed to participate in and pay for.
This is different from municipal budgets where the costs are shared equally across the municipality.
The impact on taxes for individual properties will also vary depending on the change in assessment for those properties relative to property assessment changes throughout the region.
Tax increase implications in each area of the CVRD:
Electoral Area A
Average home $954,206: Increase of $190.07 per home.
Electoral Area B
Average home $1,035,689: Increase $183.20 per home.
Electoral Area C
Average home $925,575: Increase of $160.02 per home.
Electoral Area D
Average home $779,685: Increase of $24.90 per home.
Electoral Area E
Average home $793,143: Increase of $117.45 per home.
Electoral Area F
Average home $875,939: Increase of $62.96 per home.
Electoral Area G
Average home $807,350: Increase of $169.98 per home.
Electoral Area H
Average home $883,296: Increase of $152.57 per home.
Electoral Area I
Average home $1,084,150: Increase of $70.45 per home.
City of Duncan
Average home $544,886: Increase of $69.22 per home.
North Cowichan North End
Average home $742,449: Increase of $258.92 per home
North Cowichan South End
Average home $742,449: Increase of $93.02 per home
Town of Ladysmith
Average home $696,463: Increase of $235.48
Town of Lake Cowichan
Average home $595,675: Increase of $76.04