This year’s municipal property tax increase falls just short of a double digit raise.
Council approved a 9.5 per cent increase in the property tax for the 2024 budget. The raise will create $715,350 in revenue over the 2023 total. In real dollars per household this will mean an approximate $317 more on average, based on Bowen’s average home value of $1.585 million.
Chief financial officer Kristen Watson explained the tax increase was due to several factors. These included past deferments of several projects which can no longer be put off, including work on the Carter Road Bridge and Headwaters Park Boardwalk. New equipment for the Fire Department is also a substantial cost this year, along with culvert replacements and dock and wharf renewal.
Reserve funding ($3,213,344) and debt servicing ($1,013,337) are also significant contributors.
The municipality’s Five-Year Financial Plan also includes 9.5 per cent raises in property taxes for 2025 and 2026, before dropping to four per cent in 2027 and 2028.
