The average homeowner in Masset will be seeing a 16 per cent increase on their property taxes this year.
The tax hike is a result of a corresponding increase in property tax assessments rather than an increase in the village’s levy.
Masset Village Council held the general municipal rate at 6.76, which is the same as it was in 2021, Jo-Ann Brown, chief financial officer for the village, said on June 7.
There is also a regional district tax rate of 0.80, a B.C. Assessment rate of 0.03 and a Northwest Regional Hospital District rate of 0.52 to make the total levy.
Property taxes are the third-largest source of revenue in the village’s 5-year Financial Plan, budgeted to raise $903,006. Of that, residential property taxes make up the lion’s share, accounting for 69 per cent of the total property taxes, and business taxes account for most of the rest.
The top revenue sources for the village are grants, bringing in $2,309,823. This funding will be spent on projects and capital expenditures including improvements at the airport and the farmer’s marker site, the seaplane boat launch project and upgrades to fire department equipment.
The second-largest area of income comes from the airports, projected to total $1,455,550 this year. The village expects the Masset Airport will be back to running at normal operating capacity this year after two years below.
Property taxes are due July 4, 2022. Late payments will be charged a penalty of 10 per cent.
Kaitlyn Bailey, Local Journalism Initiative Reporter, Prince Rupert Northern View