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

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