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Property-tax 'reduction' a first for White Rock: mayor
It's official – White Rock homeowners will not see as big a jump in property taxes as expected.
Council voted unanimously last week (with Coun. Al Campbell absent) to give final reading to an amended 2014-'18 financial plan.
That means property taxes will increase by 2.36 per cent this year, instead of the 3.25 per cent that was approved by council in January.
Financial services director Sandra Kurylo said the change was possible due to an increase in revenue from new development.
Mayor Wayne Baldwin said the move is noteworthy.
"It will be the first time we have ever reduced taxes as a result of growth," he said.
"It's a good-news story."
The dip means a property-tax increase of $70 for the average homeowner (instead of $96), and $25 for the average strata (compared to $35).