Brief: Revelstoke council proposes 2% residential tax increase, 0.5% for commercial

Rates for residential, industry (both major and light) and seasonal properties are proposed to increase by 2% if the proposed 2015–2019 Revelstoke city budget is approved.

Business rates, which account for about 35% of the tax pool, are proposed to increase by 0.5%.

The proposed scenario was finalized at an April 9 city council budget session.

Residential rates account for 52% of properties in the city and will this year create revenue of $4.648 million.

By 2018, council hopes to have an operating surplus; for 2015, the city is likely to be $121,900 in the red.

The scenario proposed by city council will now subject to a public comment period.

The city’s budget for 2015–19 needs to be adopted by council before May 15.