Victoria property taxes could increase by 9% this year
Property taxes in Victoria could rise sharply this year as the city grapples with inflation.
Property taxes in the city could go up by nearly nine per cent this year.
City staff have recommended an 8.99 per cent increase in taxes to maintain the city's level of services.
The recommended increase is driven largely by inflation, salaries and supply chain issues.
Staff estimate that the higher taxes would translate to an additional $251 per year for homeowners, and more than $600 per year for a typical business in the city.
The proposed increase has not yet been discussed by city council. Councillors will debate the recommended increase Thursday.
One city councillor told CTV News they think the increase is too high.
"I know our food costs, our mortgage costs, our insurance costs, and I think this is something this council really has to consider," said Coun. Matt Dell.
Phil Nicholls, who owns a running store in downtown Victoria, says he wouldn't pass the new expense of higher property taxes onto customers, which would hurt his bottom line.
"Those are all costs, also, of running business," he said.
Bruce Williams with the Victoria Chamber of Commerce says that attitude likely won't be the norm among business owners.
"This is one more time where the cost of business will be passed on to the consumer," he said. "It's a fact. We see it every day."
An official statement on how much taxes will rise in the city will likely come in about a month.
Victoria Mayor Marianne Alto notes that city council has yet to decide what its spending priorities are for its new budget.
She adds that the city's current policy is to limit tax increases to the rate of inflation plus one per cent.
It's a policy the city may abandon given how high inflation is right now.
"The first thing we have to do is confirm what policy is going to drive our decisions, and then marry that with whatever our priorities could be," said Alto.
Last year, the city's tax increase was less than four per cent, says Alto.
CTVNews.ca Top Stories
BREAKING Ontario Provincial Police arrest 64 suspects in child sexual exploitation investigation
Ontario Provincial Police say 64 suspects are facing a combined 348 charges in connection with a series of child sexual exploitation investigations that spanned the province.
AstraZeneca says it will withdraw COVID-19 vaccine globally as demand dips
AstraZeneca said on Tuesday it had initiated the worldwide withdrawal of its COVID-19 vaccine due to a 'surplus of available updated vaccines' since the pandemic.
WATCH LIVE 'Summer of discontent': Federal unions vow to fight new 3-day a week office mandate
Federal unions are launching legal challenges and encouraging public sector workers to file "tens of thousands" of grievances over the new mandate requiring federal workers to return to the office at least three days a week in the fall.
Toronto police seek suspect vehicle after security guard shot outside Drake's mansion
Toronto police are seeking help from the public as they continue to investigate a shooting that seriously injured a security guard outside rapper Drake's mansion.
'Ozempic babies': Reports of surprise pregnancies raise new questions about weight loss drugs
Numerous women have shared stories of 'Ozempic babies' on social media. But the joy some experience in discovering pregnancies may come with anxiety about the unknowns.
OPINION What King Charles' schedule being too 'full' to accommodate son suggests
Prince Harry, the Duke of Sussex, has made headlines with his recent arrival in the U.K., this time to celebrate all things Invictus. But upon the prince landing in the U.K., we have already had confirmation that King Charles III won't have time to see his youngest son during his brief visit.
Seafood, eat food: Calgary Stampede releases Midway menu
The Calgary Stampede has released its menu of sweet, salty and spicy treats available on the Midway for the Greatest Outdoor Show on Earth.
Boy Scouts of America is rebranding. Here's why they've changed their name
After more than a century, Boy Scouts of America is rebranding as Scouting America, another major shakeup for an organization that once proudly resisted change.
World's record-breaking hot temperature streak stretches through April
The world just experienced its hottest April on record, extending an 11-month streak in which every month set a temperature record, the European Union's climate change monitoring service said on Wednesday.