West Kelowna council is considering a five per cent property tax increase for 2023 as it began budget deliberations Jan 30.
The increase includes a one per cent infrastructure levy
Based on an average residential assessment of $995,677 the base tax rate for 2023 is $2,444. The average residential assessment in 2022 was $866,277, equaling a $2,003.38 base tax rate.
A staff report to council states police services net costs are projected to rise by 14 per cent in 2023, which equates to 1.7 per cent of the tax hike. Two new police members are proposed for 2023.
Operations and road maintenance costs will be up 8.25 per cent, mostly due to wages, inflation, contracts and administration charges.
Revenue from property taxes for 2023 is $41.5 million according to city documents.
The city’s five-year financial plan forecasts increases of four per cent in 2024 and 2025, and three per cent in 2026 and 2027.
The city’s overall capital budget is projected to be $33.9 million and covers several major projects.
Out of the capital budget, early approval is requested for projects totalling $10.3 million.
Council had more budget meetings scheduled for Jan. 31 following press time.
READ MORE: Regional District Central Okanagan residents to pay 6.8% more on average in property tax
@GaryBarnes109
gary.barnes@kelownacapnews.com
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