Penticton city council sets property tax increase for 2019 | iNFOnews | Thompson-Okanagan's News Source

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Penticton city council sets property tax increase for 2019

March 01, 2019 - 3:18 PM

PENTICTON - Penticton residents will see property taxes rise by around $28 for a typical residential property following three days of budget talks this week.

The City of Penticton said today, March 1, in a press release that council approved a 3.6 per cent increase in taxes this year after looking at the current economy, and current and future service levels for the city.

The business tax multiplier has been set at 1.82 as part of council’s intention to begin shifting some of the tax load onto the business property class, the city says. The average business property valued at $1,177,047 will see taxes rise by around $503 as a result.

“Balancing the needs of a growing community against the available financial resources of both taxpayers and city reserves is never an easy task,” Penticton Mayor John Vassilaki said in the release.

“Through recommendations proposed by staff, careful consideration of council and input from the community, we’ve collectively prepared a comprehensive financial plan containing a responsible 3.6 per cent property tax increase to meet Penticton’s four budget priorities over the course of 2018,” he said.

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