A new tax increase of 4.9 per cent was approved by the City of Colwood at a special meeting of council on Monday, April 29.
It will be adopted on May 13, 2024, and result in an additional $104 in municipal taxes for a residential property in Colwood.
Increasing taxes to 4.9 percent will give the City of Colwood an additional $994,700 in revenue. The total income from property taxes is $21,274,700.
At the special meeting of the council, Colwood manager of finance Kathy McLennan said that the tax rate would be applied evenly across all property classes.
Raising the taxes will allow the city to fund The Capital Regional Hospital District, the West Shore Parks and Recreation Society and the Greater Victoria Public Library.
Sustainable infrastructure will receive an increase of 1.64 per cent and city services and capital projects will receive an increase of 3.26 per cent.
Colwood also raised three parcel tax increases on the Colwood central sewer local area, the Colwood east sewer local area and the CRD onsite sewage system.
The CRD sewage system’s parcel tax is $18.23, with $65.48 and $73.02 for the Colwood central and east sewer areas. The city waived the landowner’s prepaid capital costs for the Colwood east sewer area.