Own a home in Lake Country? A massive property tax hike is likely coming your way.
Last month, the District of Lake Country announced that council members were mulling a property tax increase for 2023, one that ranged from 9.95 per cent to 19.02 per cent.
This month, Lake Country council gave the first reading to the district’s 2023 draft budget, which includes an astounding property tax increase of 17.05 per cent.
The district says 12.83 per cent is a base increase, which includes increased policing costs due to a rising population (7.08 per cent), road maintenance contract and inflationary contractual and wage rate increases.
According to the district, Lake Country’s population has surpassed 15,000, which means its RCMP cost-sharing ratio has increased to 90 per cent from 70 per cent.
The remaining 4.22 per cent is for operating supplementals.
Lake Country will hold a special council meeting on Thursday, Feb. 23, at 7 p.m., regarding the 2023 to 2027 draft financial plan, with second and third readings taking place.
Get daily Okanagan news
The district says the average home in Lake Country is valued at $1.087 million, with the average homeowner seeing an average tax increase of $341.
In its 2023 financial plan, Lake Country chief financial officer Trevor James said “the impacts of inflation and rising costs on materials, supplies, utilities and construction costs continue to be felt by the District in both the operating and capital budgets.”
He continued, saying, “the significant increase in policing costs is another example of some of the expanding responsibilities and therefore costs we face as a growing community.
“This budget aims to minimize the impact to taxpayers while accounting for the necessary increases to continue to provide the high-quality levels of service the community expects.”
The District of Lake Country has been up front about the proposed tax hike, placing the information front and centre on its website.
Many residents in the community have asked questions or expressed comments on Lake Country’s website regarding the district’s 2023 five-year draft budget.
An overview of the 2023 draft budget, including public comments, can be found on the District of Lake Country’s website.
The 2023 financial plan can also be found on the District of Lake Country’s website.