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

Petition to stop new cell tower too close to Kelowna homes

An online petition was started to stop cell tower construction near Ellison Elementary School

Local Kelowna project tabs restaurant workers for industry fundraiser

The 2nd Hungry Games invites fundraises for local charities

Okanagan-Shuswap weather: Clear skies and pushing 20 C

Environement Canada forcasts a sunny and warm Easter weekend

Peeling away: OK strip clubs disappearing

Hear from Penticton’s only strip club owner about their success in a dying industry

Berry: Sayonara journalism, it’s been fun

Lake Country had more in store than I bargained for

Update: Fire destroys Peachland home on Somerset Avenue

Crews are still on scene pumping water onto the blaze

Cuteness overload: duckling thinks dog is its mom

Vernon photographer Fiona Hook shot a cute video after noticing one of her ducklings had taken a special liking to her dog.

Fire near Vernon airport “not a concern”

Vernon firefighters attended the scene and found a resident performing a controlled burn

Sons of Anarchy’s Kim Coates stops by Okanagan café

Coates was spotted in West Bank’s Kekuli Café on April 20

B.C. women make 2,200 cabbage rolls for charity

The money raised was donated to former NHL player Aaron Volpatti, who is raising funds for ALS

Deck collapses in Langley during celebration, 35 people injured

Emergency responders rushed to the Langley home

B.C. mom wages battle to get back four kids taken from her in Egypt

Sara Lessing of Mission has help from Abbotsford law firm

B.C. mountain biker sent home from hospital twice, despite broken vertebrae

Released in Maple Ridge to go home with three fractured vertebrae

Seven tips to travel safely this Easter long weekend

An average of three people are killed, and hundreds more injured, each Easter long weekend in B.C.

Most Read