Property tax notices for Colwood residents are in the mail and the average residential property will see an increase of about $56 on the municipal portion of taxes.
The property tax rate — set by Council each year — combined with an assessed property value determines the amount of property tax payable each year.
Less than half of the revenue from property taxes is controlled by the City of Colwood. Funds collected for other government agencies are passed on to them, making the system more efficient for residents.
Annually, the City of Colwood collects about $30 million in property tax. About $15 million is collected on behalf of other government agencies like the Province of B.C. and school districts, the CRD, West Shore Parks & Recreation Society, Capital Regional Hospital District, BC Transit, Greater Victoria Public Library, and the BC Assessment Authority and Municipal Finance Authority.
The close to $15 million retained by the City funds services like police and fire protection, street lighting, road and drainage maintenance, operating parks and recreational facilities and planning and managing city developments and enhancements, according to the City of Colwood website.
Colwood Mayor Rob Martin said a portion of the tax increase — which is about 2.9 per cent for the average homeowner — is due to the introduction of the Employer Health Tax.
In February, Martin said community growth is also going to contribute to the tax increase, however, as development moves into the City the numbers will stabilize.
“We’re growing and we’re growing fast,” Martin said. “We’re going to see some short-term pressures from a tax lift standpoint.”
Factors contributing to the 2.9 per cent increase in 2019 are core operating budget increases, the City’s Sustainable Infrastructure Replacement Plan, an increase to reserve transfers and an allowance for tax appeals if necessary.
Property taxes are due by July 2, 2019. Homeowner grants can be claimed at https://www.colwood.ca/city-services/finance/property-tax/home-owners-grant.
The taxes can be paid through online banking, in person at City Hall, through a 24-hour drop box at City Hall, at your bank, mailed to 3300 Wishart Rd. V9X 1R1, through your mortgage lender or through a tax deferral program.
More details about the 2019 to 2023 Financial Plan can be found at https://colwood.civicweb.net/document/136871.