Property Tax Rates Bylaw

At a Special Council meeting on Monday, April 29, Nanaimo City Council gave three readings to the 2024-2028 Financial Plan Bylaw and the 2024 Property Tax Rates Bylaw. The financial plan provides for a 7.7% increase in property tax for 2024 over that in 2023. This comprises a 1% levy for general asset management reserve together with a 6.7% property tax increase. Property tax rates are set each year to enable the City to collect the tax amounts that are required to support the municipal programs and services outlined in the financial plan. The projected impact to the typical home is $204 for municipal taxes or approximately $17 per month.