The Town of Gibsons has posted the draft budget, the 2018-22 Financial Plan Bylaw, on its website ahead of the first three readings set for the May 8 regular council meeting.
The budget anticipates a 4.5 per cent overall tax increase for 2018.
At an earlier committee meeting, director of finance David Douglas presented examples of the projected impact on residential properties that showed that the Town of Gibsons’ portion of tax bills will be lower in some cases as a result of new properties on the assessment rolls and changes in assessments
A home assessed at $676,000, for example, will pay $2.03 less than the same property would have last year when the five per cent increase in water and sewer fees is included. A high-value property – assessed at $1.78 million – would see its bill go up by about $212.
The examples presented for business/commercial class properties show increases from about $43 (including water and sewer) at the low end of the assessment range to a bump of about $1,200 for a business assessed at just over $3 million.
That makes the so-called business multiple on the mill rate – the amount of tax charged for every thousand dollars in assessed value – about 3.22, similar to the 2017 multiple.
The sample calculations do not include the taxes imposed on Gibsons property owners by the Sunshine Coast Regional District or for schools, hospital and policing.
If the financial plan bylaw passes three readings on May 8, it will be up for adoption at a special council meeting scheduled for May 11.
