The value of property in Powell River grew by just over two per cent in the last year.
A property assessment report, to be reviewed by city council Tuesday afternoon,shows the value of all property in Powell River swelled by $86 million or 2.3 per cent.
The value of all properties is now just over $3.9 billion.
About 60 per cent of the growth last year was through reassessments after real estate deals while the other 40 per cent was new development – primarily single family homes.
Council is also being asked to increase this year’s tax levy by an extra $600,000 and put the money in a stabilization reserve.
It’s meant to stave off a large tax increase under the assumption the former Tis’kwat mill property will be reclassified as a business and utilities property bringing in far fewer tax dollars.
The plan would see the city decrease the levy next year (2026) and pay out $2.2 million from the reserve in order to mitigate tax increases to all city properties.
City projections show if the $600,000 isn’t set aside, the average taxes for a Powell River home would jump from $2,915 this year to $3,482 in 2026 – a 19.4 per cent increase. Under this scenario, the transfer from the reserve in 2026 would only be $1.6 million and not $2.2 million.
The council committee of the whole will meet at 3:30 p.m. Tuesday (Jan. 14) to make a recommendation.
