CUMBERLAND B.C- Cumberland residents could be seeing a frontage tax increase of up to 13 per cent.
Frontage parcel taxes will be increasing by 13% in 2019, and will continue to rise another 10-13% over the next five years, according to Cumberland’s Financial Officer, Michelle Mason.
Residents can expect an increase every year until 2022-2023 when Mason says the optimal funding level should be reached.
“On average over the next five years it is between 10-13% increase each year until we hit the optimal funding level for the asset replacements.”
The average household will pay about $265 in 2019 which is $32 more than last year, a 13% increase.
Owners will see a $30-$40 increase every year, but by 2023 the rate should even out
“At that point it stays stable and you would only see Consumer Price Index increases,” said Mason.
Frontage parcel taxes are local government taxes based on the area of a property, such as one residential land lot and the home on that lot.
The Village of Cumberland plans to use this tax to fund the asset management replacement plan, which is currently in a deficit.
The official tax rate won’t be approved by council until mid-April to early May.