District of Lake Country residents facing 17% property tax increase – Okanagan
Own a home in Lake Country? A major property tax hike could be on the horizon.
Last month, the Lake Country district announced that council members are considering raising property taxes for 2023.
This month, the Lake Country Council gave the first reading of the district’s 2023 budget proposal. This includes a staggering 17.05% property tax hike.
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According to the district, 12.83% is an underlying increase, which includes population growth (7.08%), road maintenance contracts, contracts due to inflation and increased police costs due to higher wage rates.
According to the district, the population of Lake Country has exceeded 15,000. This means that RCMP’s cost sharing ratio has increased from 70% to 90%.
The remaining 4.22% will be used for operational support.
Lake Country will hold a special council meeting on the Draft Financial Plan for 2023-2027 on Thursday, February 23 at 7:00 p.m., with second and third readings.
The average Lake Country home is valued at $1,087,000, and the average homeowner expects an average tax increase of $341, according to the district.
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Lake Country’s chief financial officer, Trevor James, said in his 2023 financial plans, “The impact of inflation and rising costs on materials, supplies, utilities and construction costs will continue to impact both our operating and capital budgets. I can feel it,” he said.
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“This budget is intended to minimize the impact on taxpayers while allowing for the increases needed to continue providing the quality services our communities have come to expect.”
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The Lake Country District has taken the lead in putting information about the proposed tax increase front and center on their website.
Many members of the community have asked questions or commented on the district’s proposed five-year budget for 2023 on the Lake Country website.
Overview of 2023 budget proposal including public commentscan be found on the Lake Nation District website.
The financial plan for 2023 is Lake District website.
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