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Property tax hike could reach 2.47%
Kelowna tax payers may see their property taxes bumped up 2.47 per cent when the 2011 bill arrives, which is slightly higher than anticipated.
“The recommendation for a net property tax increase averaging 2.47 per cent is required to support the current level of services delivered to the citizens of Kelowna,” reads a report from city manager Ron Mattiussi, where he explains the departure from the earlier tabled provisional budget, where the hike was 2.05 per cent.
“In these tight economic times, staff are focused on core services and utilizing current resources as effectively as possible. The use of reserve funding and senior government grants have reduced the need for greater taxation funding which is especially sensitive under the current economic conditions.”
The revised financial plan provides for the services, infrastructure and amenities that will strengthen the city’s position during economically difficult times, he said. One of the main indicators of tough times, and causes for a hike, are decreased city revenues from new construction.
Final new construction taxation revenues, based on the revised assessment roll of $1.19 million, which his a decrease of $207,5000 from the value estimated at the provisional budget.
The original estimate was based on BC Assessment preliminary information which pegged new construction for 2011 at $300.4 million, a 36. 8 per cent decrease from 2010 assessed levels.