Property taxes going up by just under 1% in Kamloops | iNFOnews | Thompson-Okanagan's News Source

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Property taxes going up by just under 1% in Kamloops

May 05, 2021 - 2:02 PM

The City of Kamloops has raised property taxes by the lowest amount in a decade.

On May 4, council finalized the tax increase for 2021 at 0.93%, meaning the average household will pay an additional $20.72 per year, according to City of Kamloops media release.

In Kamloops, the average residential homeowner will owe $3,750 this year, before provincial home owner grants.

B.C. Assessment valued the average residential home in Kamloops at $497,000.

City officials planned to keep the tax rate as low as possible because of the ongoing COVID-19 pandemic and its impacts on the economy.

Tax rates are determined by property values from B.C. Assessment, then combined with the tax requirement approved by council.

Because of this, the City said it's difficult to compare property taxes to other cities where assessed values can be vastly different.

“Putting your home value in another community’s property tax calculator does not give you an accurate estimate of what you would pay if you lived there because your home may have a different value in that community,” City revenue and taxation manager Cara Dawson said in the release.

“A $400,000 home in Kamloops looks very different than a $400,000 home in Vancouver.”

The City website has a tool to estimate what you will owe on this year's taxes here.

Property taxes will are due on July 2, and penalties will be handed out for outstanding bills the next day.

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