Assessment value increases do not correlate with higher taxes, says Municipality

While property assessment values have increased in most communities in the Okanagan and Similkameen, the higher dollar amounts do not necessarily translate to higher taxes.

With the exception of Penticton, the majority of properties in the South Okanagan and Similkameen increased in value over the past year.

In Summerland, Keremeos and Oliver, values increased by an average of two per cent. In Osoyoos, the average increase was four per cent, and in Princeton, the average increase was nine per cent.

The exception was Penticton, where assessed values were, on average, three per cent lower than the year before.

READ ALSO: Property values decrease in Penticton, rise elsewhere in South Okanagan Similkameen

READ ALSO: Don’t agree on your property assessment? Here’s what to do

David Svetlichy, director of finance for the municipality of Summerland, said the assessed values are used in calculating taxes, but a higher assessed value does not necessarily mean the homeowner’s tax bill will go up.

“We use these numbers to determine what the mill rate will be,” he said.

The mill rate is a figure used as a multiplier by the municipality to calculate individual property taxes.

Svetlichy said it is possible for assessed values in a community to go up while the mill rate decreases.

“Just because assessments have gone up, that is no indication of what taxes will be,” he said.

Instead, the municipal budget is a much more important factor in determining property taxes.

If property values in a community increase while the budget remains the same, the majority of property owners would have the same tax burden as during the previous year.

The exceptions would be those whose assessment changes were higher or lower than the community averages.

Summerland’s budget has not yet been completed, but when it is, it will determine how much money the municipality will require to meet it’s expenses for the year.

Three budget meetings will be held later this month, at dates yet to be determined.

These meetings will be open to the public.

In addition, the municipality will hold an open house on Feb. 12 from 4 to 7 p.m. to discuss the upcoming budget.

In previous years, Summerland has had tax increases. In 2019, the increase was 3.5 per cent, in 2018, taxes rose by 2.75 per cent, in 2017 the increase was four per cent and in 2016 it was three per cent.

This year’s municipal budget must be completed no later than May 15, although Svetlichy expects it will be completed well before this deadline.

To report a typo, email:
news@summerlandreview.com
.



news@summerlandreview.com

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Flooding water at West Kelowna Tim Hortons closes lane on Highway 97

This story has been updated with more accurate information. Water flooding from… Continue reading

Vernon woman suing McDonald’s for spilled coffee

Woman seeking nearly $10K, says employee failed to put lid on properly

WATCH: Vernon schools see gross effects of vaping

Kids spitting up blood a cause for concern

Melted snow uncovers problematic potholes in Vernon

Temperature swings, precipitation behind cracked pavement, city says

Kelowna grandmother scammed of $14,000 in phone scam

RCMP warn of Grandparent Scam in the Okanagan after December incident

VIDEO: Mass coronavirus quarantines seen in China won’t happen in Canada, authorities say

‘If a case comes here, and it is probably … it will still be business as normal’

Campfires no longer permitted at Kelowna scout camp

City of Kelowna said they rejected Camp Dunlop’s fire permit due to stricter bylaws

Province’s oldest practising lawyer shares advice at her 100th birthday party

Firefighters bring Constance Isherwood a cake with 100 birthday candles

Okanagan team leads animal rescue efforts in Australia

Brad Pattison’s team arrived in Sydney on Monday

Diners’ health tax not catching on in B.C., restaurant group says

Small businesses look for options to cover employer health tax

Avalanche danger closes Highway 1 near Chase

The highway is closed in both directions east of Chase

B.C. comic wins judgment after club owner slaps cellphone out of his hands

Incident happened last summer when Garrett Clark was performing in Abbotsford

Alumni trumpet band strikes emotional chord for Vernon girls

Vernon Girls Trumpet Band will be tooting their horn for the 60th Winter Carnival parade

Mayors call for ‘calmness’ as highway rockslide cuts Tofino, Ucluelet off from supplies

Ministry of transportation expects to open road for “essential travel only” from noon-8 p.m. Friday.

Most Read