The average homeowner who lives in within Port Alberni city limits will pay only $2 more in residential taxes this year.
The announcement was part of city finance manager Cathy Rothwell's five-year financial plan presentation to city councillors at their Monday meeting.
The plan passed three readings, and will proceed to final adoption at council’s next meeting
According to Rothwell, this year a home with an assessed value of $200,000 will pay $1,478 in residential taxes.
That same home last year had an assessed value of $192,000 and paid $1,476 in residential taxes.
The city will lower its industrial tax rate by $425,000 again this year.
And business taxes will see no increase.
Increases in residential and business tax rates will see modest two per cent increases in subsequent years.
Residential taxes represent 54 per cent of the total amount of taxes the city takes in.
Industry and business represent 28 and 16 per cent respectively.
“Industry used to represent the majority of tax revenue 10 years ago but we’re seeing a gradual shift toward residential now,” Rothwell said in an interview.
The city anticipates $114,000 in additional gaming money from additional gaming slots.
The funds will be allocated to Echo Centre to avoid summer pool closure, to support the city’s economic development department, and to community development.
A detailed review of the city’s reserve funds will be given to council at their next meeting.