Nanaimo property taxes are rising by five per cent — $99 on an average home — now that city council has approved its new financial plan.

An average Nanaimo home is assessed at $516,418. This year’s property taxes for such a property will be $2,102, up from $2,003 last year.

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In addition, water fees will be increasing by $38 to $552 for a typical home. Sewer and sanitation fees will each rise by $5.

Total taxes and municipal fees on the average home will be $2,959, an increase of $147 from 2018. Nanaimo council approved its latest five-year financial plan and set the tax rate this week.

The tax bill going to homeowners also includes levies for the Vancouver Island Regional Library, the Regional District of Nanaimo, the Nanaimo Regional Hospital District, the school district, B.C. Assessment and the Municipal Finance Authority. Those additional taxes add up to $1,462 on the average home, up by $65 from last year.

The total rate for an average home once all charges are included will be $4,421, up by $212.

The city anticipates tax increases on its portion of the bill to drop in subsequent years, with expected property-tax increases of 3.6 per cent next year, 2.9 per cent in 2021, 2.8 per cent in 2022, and 1.4 per cent in 2023.

This year’s property-tax increase includes one percentage point for a higher contribution to a city reserve fund to maintain and upgrade infrastructure.

The budget allows for increased engagement with residents, new positions in the Nanaimo Fire Department, in the bylaw sections and RCMP.

Funds also will go to replacing the main fire hall. A transportation co-ordinator job is included as well.

Hiring of an engineering development technician is expected to reduce development approval times.