Nanaimo city council passed the tax rate bylaw Monday, which results in a 2.8 per cent property tax rate increase for residential property owners, a 1.8 per cent tax rate increase for commercial property owners and a -24.2 per cent decrease for industrial and light industrial zones.
The rate increases also include a built-in one per cent increase, which will continue for at least five years, for future infrastructure and asset management.
The city portion of taxes result is about a $55 increase for an average $350,000 home.
Property taxes are due before 4:30 p.m. July 2.
