Vernon residents could be on the hook for an approximately seven per cent increase in property taxes.
The 2022-2026 financial plan includes a provision for a 7.08 per cent increase.
But finalized assessment values show tax revenue will be higher than anticipated – $800,000 rather than $750,000.
“The effect of this has slightly reduced the tax increase from 7.08 per cent to 6.96 per cent,” said Terry Martens, financial planning and reporting manager, in a report that council will consider Monday, April 11.
The total 2022 tax revenue requirement approved by council is more than $48 million.
The average residential property assessment for 2022 is $611,523, up from $481,819 in 2021 — a 26.92 per cent increase.
The 2022 tax rates bylaw must be adopted prior to May 15, 2022.