Penticton council adopts reworked budget for 2021 with smaller tax increase | iNFOnews | Thompson-Okanagan's News Source

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Penticton council adopts reworked budget for 2021 with smaller tax increase

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December 11, 2020 - 2:45 PM

Penticton city council has approved a new five-year budget for 2021 that includes a property tax increase of 1.75 per cent.

The revised plan for 2021 through 2025 will see an overall tax increase of 1.75 per cent next year, a half per cent less than the 2.25 per cent originally proposed, according to a City of Penticton media release. Another budget highlight includes an electrical rate reduction of three per cent for all rate payers.

For the average homeowner with a residence valued at $463,797, next year’s tax increase will average $111, down $53.

The average annual increase in municipal taxes and utility fees for a typical business property valued at $1,162,286 is now $1,183, down $280 from the original increase of 2.25 per cent.

The City says the new financial plan emphasizes pandemic relief.

"Preparing and approving a city budget during the best of times, let alone through a pandemic, is a challenging task and many people from across the community will have strong opinions on what should or shouldn’t happen,” Mayor John Vassilaki said in the release.

The mayor said council returned to the table after hearing feedback from the community following the original deliberations to arrive at a reduced annual tax increase that will “provide additional relief to our residents."

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