COUNCIL REPORT: 2025 TAX RATES BYLAW NO. 1154

RECOMMENDATION:

THAT Tax Rates Bylaw No. 1154, 2025 a bylaw to levy rates for municipal, regional district, and regional hospital purposes for the year 2025, be introduced and given first, second, and third readings.

PURPOSE:

To consider the 2025 Tax Rates Bylaw No. 1154, 2025

TIME CRITICAL:

Council is required by the Community Charter to adopt a new Five-Year Financial Plan Bylaw for the Town of View Royal prior to May 15th each year; the Bylaw must be forwarded to the Province by May 15, 2025. The 2025 Tax Rate Bylaw must also be forwarded to the Province by May 15, 2025. Procedurally, the Five-Year Financial Plan Bylaw must be adopted prior to the Tax Rate Bylaw’s adoption. The Five-Year Financial Plan Bylaw and 2025 Tax Rate Bylaw are scheduled for adoption at a Regular Meeting of Council of May 13, 2025.

EXECUTIVE SUMMARY:

The proposed 2025 Tax Rates Bylaw No. 1154, 2025 reflects a 7.06% increase to the average residential property based on the 2025 Revised Roll determined by BC Assessment. The average residential property valued at $1,071,133 in 2025 will see a $156 increase for municipal taxes and a $15 increase for Capital Regional District and Capital Regional Hospital District taxes. Once the bylaw is adopted, the annual property tax notice will be issued to property owners at least four weeks prior to the July 2, 2025, due date.

BACKGROUND:

At its April 8, 2025, meeting, the Committee of the Whole recommended to Council that staff prepare the Tax Rates Bylaw to implement the 2025 general municipal tax rates as per the Town’s tax rate setting objective to maintain consistent tax burden for all property classes, and no change to property class multiples from 2024. Tax rates are set using the most recent BC Assessment Authority Assessment Roll for 2025 (Revised Roll) and a combination of municipal and provincially mandated tax multiples.

DISCUSSION:

The municipal tax rates are based on the revenue requirements and taxation principals set out in the 2025-2029 Financial Plan approved by Council. The average residential property, valued at $1,071,133 will see an increase in municipal taxes of $156.

The proposed 2025 tax rates bylaw includes rates for both the Capital Regional District (CRD) and Capital Regional Hospital District (CRHD), as required by legislation. The tax rates are calculated to collect sufficient revenue to pay the requisitions after adjusting for any prior year over or under levy. The adjusted 2025 CRD and CRHD requisitions are as follows, with comparisons to the prior year.

The average residential property valued at $1,071,133 in 2025 could expect to pay about $14 more for Capital Regional District taxes and about $1 more for Capital Regional Hospital District taxes in 2025.

Property owners will experience changes in municipal and other tax amounts differently to the extent that the change in their property assessed value differs from the average change in total assessments for that property class.

SUSTAINABILITY/CLIMATE CHANGE IMPACTS:

The recommendation has no significant sustainability or climate change impacts.

FINANCIAL IMPLICATIONS:

In 2025 58.9% of View Royal’s operating revenue is budgeted to come from property taxes. The Community Charter and other legislation provides the framework for imposing and collecting property taxes. The annual tax rates bylaw is a key part of this process that results in raising sufficient revenue for the current year that, when combined with non-tax sources of revenue, fully funds the services and activities described in the five-year financial plan.

ALTERNATIVES:

N/A

CONCLUSION:

Staff recommend that Tax Rates Bylaw No. 1154, 2025 be introduced and given first, second, and third readings.

CONCURRENCE:

REVIEWED BY:

ATTACHMENTS:

Tax Rates Bylaw No. 1154, 2025