Property taxes in Keremeos are going up $8.76 per the average assessed home value of $299,477.
Keremeos’ budget went through the first three readings on Tuesday, April 6, with one more to go before it’s adopted.
The new budget will increase taxes to match inflation, which will provide an additional $16,331 for the village.
The average property tax will be $958.68 for 2021, up from $949.93 in 2020, due to an increase in the average assessed home value to $299,477 from $277,481, and an increase to the tax rate to match inflation, which was a 0.8 per cent increase from 2020.
The operating budget rose by $58,241, to $2,047,472 from $1,989,231 in 2020, while the capital and special projects budget rose to $5,260,328 from $3,363,535.
There are plenty of big projects in the works for the village for the year, including $3,154,349 for the first phase of rebuilding the waste water treatment plant.
Separately on the budget is flood-proofing for the plant, which would depend on whether the village is approved for the $688,000 in grant funding for the project. A grant application for $150,000 for a dike as part of flood protection efforts is still pending.
The water main replacement and upgrades currently underway are budgeted for $74,845, with $52,330 coming from the Village’s water reserve fund.
Some of the special projects include upgrades to the downtown benches, planters and trash bins for $35,805, $16,707 for the first phase of work on the community garden including the raised beds and $71,493 in flood mitigation measures
The village’s budget is balanced between the expenses and revenue, with grant funding covering much of the village’s expenses.
In total, the village has budgeted for expenses and revenue totalling $7,501,845.
Adoption of the budget will come at a later council meeting.
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