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Committee of the Whole/Documents/Regional context / Scenario descriptions / Choices - 2022 Tax Rate Options
Presentation

Regional context / Scenario descriptions / Choices - 2022 Tax Rate Options

April 12, 2022Pages 163–1719 sections

A presentation outlining municipal tax rate scenarios for 2022, comparing View Royal to other regional municipalities and showing the impact of 4.7% and 5.5% tax increases.

Residential assessment increase: 23.54%Business assessment increase: 5.71%Scenario A and E focus on changing all tax ratesRecommendation for Council to determine municipal tax rates for 2022

Regional context

Schedule 3 Comparative Municipal Taxes per Capita

Source: Province of British Columbia Local Government Statistics, Municipal Tax Rates & Tax Burden

Collection of line charts showing Municipal Taxes per Capita by Municipality and Year (2018-2021) for Central Saanich, Colwood, Esquimalt, Highlands, Langford, Metchosin, North Saanich, Oak Bay, Saanich, Sidney, Sooke, Victoria, and View Royal, alongside a 2021 Municipal Taxes per Capita by Municipality bar chart.
Collection of line charts showing Municipal Taxes per Capita by Municipality and Year (2018-2021) for Central Saanich, Colwood, Esquimalt, Highlands, Langford, Metchosin, North Saanich, Oak Bay, Saanich, Sidney, Sooke, Victoria, and View Royal, alongside a 2021 Municipal Taxes per Capita by Municipality bar chart.
Page 163–171

Scenario descriptions (4.7%)

Scenario What changes By how much What stays the same
A Change tax rates All rates Decrease 12.02%
B Change total contribution Tax ratios for all property classes Different for each class; enough so total contribution changes by same percentage
C Decrease Class 5 and Class 6 ratios Tax ratios for:
5-Light Industry
6-Business		 3.3385 to 3.1000
3.6933 to 3.3000
D Increase Class 8 ratio Tax ratio for:
8-Recreation/NP		 5.1 to 6.0
Page 163–171

Scenario descriptions (5.5%)

Scenario What changes By how much What stays the same
E Change tax rates All rates Decrease 11.31%
F Increase Class 8 ratio Tax ratio for:
8-Recreation/NP		 5.1 to 6.0
Page 163–171

Scenario results

Schedule 5 Summary of impact on prior year $100,000 property value, adjusted for current year market change

Property Class Residential Business
Change in representative property assessment 23.54% 5.71%
Scenario A and E [Orange frowning icon] [Orange frowning icon]
Scenario B [Green smiling icon] [Red angry icon]
Scenario C [Red angry icon] [Green smiling icon]
Scenario D and F [Yellow neutral icon] [Yellow neutral icon]
Page 163–171

Scenario results

Schedule 5 Summary of impact on prior year $100,000 property value, adjusted for current year market change

Property Class Light Industry Business Recreation
2021 multiple 3.3385 3.6933 5.100
Property Class Light Industry Business Recreation
Scenario A and E 3.3385 3.6933 5.1000
Scenario B 3.9620 4.3015 5.4805
Scenario C 3.1000 3.3000 5.1000
Scenario D and F 3.3385 3.6933 6.0000
Page 163–171

Scenario results

Infographic describing property tax impacts based on property value changes. 1. Value change LOWER than average results in taxes likely DECREASE; 2. Value change SIMILAR to average results in taxes likely DO NOT CHANGE; 3. Value change HIGHER than average results in taxes likely INCREASE.
Infographic describing property tax impacts based on property value changes. 1. Value change LOWER than average results in taxes likely DECREASE; 2. Value change SIMILAR to average results in taxes likely DO NOT CHANGE; 3. Value change HIGHER than average results in taxes likely INCREASE.
Page 163–171

Scenario A (4.7%) results – individual properties

Description Percentage Amount
Average property assessment increase 24%
Single family residential increase 28%
Difference +4%
Scenario A predicts for average property 9% $153
Single family residential estimated increase 9% + 4% = 13% $191
Description Percentage Amount
Average property assessment increase 24%
Strata residential assessment increase 17%
Difference -6%
Scenario A predicts for average property 9% $153
Strata residential estimated increase 9% - 6% = 3% $52
Page 163–171

Scenario E (5.5%) results – individual properties

Description Percentage Amount
Average property assessment increase 24%
Single family residential increase 28%
Difference +4%
Scenario E predicts for average property 10% $168
Single family residential estimated increase 10% + 4% = 14% $238
Description Percentage Amount
Average property assessment increase 24%
Strata residential assessment increase 18%
Difference -6%
Scenario E predicts for average property 10% $168
Strata residential estimated increase 10% - 6% = 4% $66
Page 163–171

Choices

Recommendation:

THAT Council determines the municipal tax rates to be implemented for 2022 and direct that a bylaw be prepared to implement the tax rates accordingly.

Page 163–171
Extracted from: 2022 04 12 Committee of the Whole Agenda - Agenda - Pdf