The District of Peachland is introducing a new parcel tax for 2021 and the future.
The new parcel tax is to pay for the debt the district accrued after acquiring Turner Park, which will cost taxpayers $100 this year.
Director of Finance Lyle Smith provided a forecast of the parcel tax for the next few years, with 2022 predicting that taxpayers will pay $125 for Turner Park, $175 in 2023, $200 in 2024 and $215 in 2025.
But for this year, Peachland residents will only see a 4.76 per cent rise in parcel taxes, despite the district’s new property. Smith also outlined that as the water treatment plant project nears completion, it will need less funding, which means residents don’t have to be taxed as heavily for it.
The 4.76 per cent rise is the lowest of the three options presented to the district’s Committee of the Whole, with members choosing it as it is the option that had the least impact on residents.
Coun. Patrick Van Minsel said the fact the district just withstood a pandemic also played a part in the decision.
“Our taxes will (still) go up with 4.76 per cent, but I think if we could cap it at that, that would be great for us,” he said.
“I don’t see any more necessity in augmenting this increase.”
Coun. Terry Condon echoed Van Minsel’s sentiments.
“The next couple of years are going to be a delicate balance between how little can we put away in terms of reserves and debt servicing payments and still maintain the proper level of servicing to the community?” he said.
“And I think this, recognizing some of the challenges, is a particularly sensible approach.”