The Comox Valley Regional District (CVRD) board adopted its 2025-2029 financial plan on March 18, which is comprised of $111.6 million for the 2025 operating budget and $102.8 million for the 2025 capital budget.
鈥淚n consideration of the economic uncertainty occurring, the 2025 financial planning process focused on maintaining current service levels over the short and long term while minimizing impact to residents. The budget was reviewed carefully and, where financially sound, 2024 surplus and reserve funds were used to help reduce tax increases. In an economic climate of high inflation and potential tariffs, every effort was given to keeping service delivery costs down and impacts to households reasonable,鈥� said Lucy Wiwcharuk, CVRD Chief Financial Officer.
This year, the tax requisition will be going up by 7.2 per cent. That's an increase of $2.3 million over 2012. However, the cost to the average household will depend on where those homes are located.
Courtenay homeowners will see an estimated increase of $39.20 based on the typical household. This number will vary depending on assessed property value. Comox will see a slightly higher increase, at $61.05 per typical household. Cumberland will see a typical increase of $45.59.
The electoral areas generally see higher property taxes than municipalities, since the regional district is the only local government in place, and typically have a different mix of services depending on the area. Baynes Sound homes will see a typical increase of $39.62, Denman Island homes will see a bit more, at $133.00 per typical household. Hornby Island homes will see a typical increase of $111.65. The other two areas will see smaller increases, with $73.54 for area B, and $63.10 for area C.
Unlike municipalities, the Regional District does not collect property taxes directly from residents and instead requisitions funds from each member local government, with the Province issuing and collecting rural property taxes in each of the electoral (rural) areas," a release from the district says. "The tax impact on the average home in each specific area varies and is heavily dependent on the unique mix of services provided to each area. The year over year change is determined by using the specified tax rate per service and multiplying by the assessed value provided by BC Assessment."
The CVRD operates approximately 100 individual services with each service falling under one of the eight core services. The approved financial plan supports the Regional District Board鈥檚 investment in sustainable service delivery, advancements in infrastructure, investments in community recreation and protecting our natural green spaces.
鈥淚nvesting in our community is a priority,鈥� said board chair, Will Cole-Hamilton. 鈥淲e want to ensure residents continue to see value for their services and realize the importance that these services offer on a daily basis.鈥�
This budget will include several significant initiatives, including new fire halls for electoral areas, more investment in the Comox Valley Search and Rescue, expanded parks and trails, as well as new planning and infrastructure projects.
"As well, in response to the public interest in the recent Alternative Approval Process for affordable housing, the board has opted to proceed with a housing authority to increase the supply of affordable rental units for the Comox Valley," Cole-Hamilton said. "After much deliberation, the tax portion of the total increase for this initiative from last year to this year is $4.72 per year. The Board recognizes that every tax increase matters - and this modest increase will offer significant returns for affordable units within the community."
