The City of Kamloops is hoping its record home construction year will lower the projected property tax rate from the current 3.4 per cent.
Finance Director Kathy Humphrey told a council budget meeting today that she is forecasting an extra $1.2 million in tax revenue.
“The big thing that I think as we go forward into the new year that will hopefully have a positive impact is that our city is growing,” she said. “We’ve estimated a $1.2 million dollar growth factor which I think is quite conservative.”
As for how she got to the $1.2 million dollar figure, Humphrey noted there are a couple of fairly significant properties under appeal.
“However, they get resolved they’re likely to decrease and that would offset in our tax rates,” Humphrey added. “A couple of the properties out there have a 300,000 or 400,000 impact to the city so I have accounted for them as though they’re going to be settled at the lower rate.”
The 3.4 per cent preliminary increase amounts to $65 dollars for the average Kamloops home.