City of Vernon administrator Will Pearce kicked it old-school with his personal hand-drawn look at potential figures during the presentation of the 2019 budget last November. (Roger Knox/Morning Star)

Rising Okanagan property values reduce projected taxes

One North Okanagan city has reduced the increase due to rise is residential assessments

Vernon residents are getting a slight break on their tax bill.

The total taxation increase for 2019 will be 4.98 per cent, rather than 5.3 per cent as indicated during the 2019-2023 Financial Planning process.

See: Vernon residents likely facing tax hike

“This is mostly due to the extraordinary increase in Residential Class assessments during 2018,” city staff state.

The average home in Vernon in 2018 was assessed at $403,559. In 2019 the assessed value increased to $435,395, an increase of 7.9 per cent. Those homes will see an average tax increase of $97.57 depending on the individual property increase or decrease in assessed value.

Council voted to maintain similar tax rates to 2018. In 2018, the Residential Class tax rate was 3.3998 per $1,000 assessment, in 2019 the tax rate will be slightly lower at 3.3753 per $1,000 assessment.

See: Vernon tax notices issued

Similarly, in 2018 the Business Class tax rate was 9.6856 per $1,000 assessment. In 2019 the rate will be lower at 9.6138. This was possible because the total property assessments for all classes throughout the city was higher than the total taxation increase planned during the 2019 – 2023 Financial Plan process. The 2019 business to residential multiplier will be similar to the 2018 multiplier at 2.8483.


@VernonNews
newstips@vernonmorningstar.com

Like us on Facebook and follow us on Twitter.

Just Posted

Summerland Orca Swim Club holds fundraising events

Proceeds benefit swimmer with rare kidney disease

COLUMN: Imagine the possibilities at the library

Programs at Summerland Library promote reading among children

Severe thunderstorm watch issued for Okanagan and Connector

Storms expected to develop this morning and intensify early in the afternoon

Update on South Okanagan-Similkameen national park reserve announced Tuesday

Environment and Climate Change minister Catherine McKenna will join others in Osoyoos

Police continue to investigate fatal highway crash

Accident between Summerland and Penticton on Tuesday resulted in death of motorcycle rider

Suspicious Rutland car fire has one woman thinking it was targeted

A family who raised their voice against the McCurdy Road house has car torched, is it connected?

Vernon Judo coach pleads guilty to child pornography charges

Bryan Jeffrey McLachlan is set to return to court Sept. 4 for sentencing

Olympic skier from B.C. suing Alpine Canada after coach’s sex offences

Bertrand Charest was convicted in 2017 on 37 charges

Action imperative on Missing and Murdered Indigenous Women and Girls

Chief commissioner into national inquiry encourages governments, private sector to act

B.C. senior’s car vandalized for more than 18 months

Retired RCMP officer determined to catch ‘tagger.’

VIDEO: Driver doing laps in busy Vancouver intersections nets charges

Toyota Camry spotted doing laps in intersection, driving towards pedestrians

Summerland golfers compete in league games

Regular club events continue through the summer

NHL stars return to Okanagan for charity slo-pitch game

The Gorges/Comeau Homebase Chairty Tournament returns June 28 in Kelowna

Former Canucks goalie Roberto Luongo to retire

‘Bobby Lou’ calls it a career after 19 NHL seasons

Most Read