More taxes are falling on residents in Vernon.
City council approved maximizing utility class revenue and is shifting 0.5 per cent of revenue from business to residential.
The average home will see a municipal tax increase of 5.47 per cent or $89, and the tax rate increase for businesses will be 5.26 per cent. This is based on an example business property that had an assessed value of $1 million last year and experienced the average market assessment increase of 11.63 per cent in 2022.
The average residential property assessment for 2022 is $611,523, up from $481,819 in 2021 — a 26.92 per cent increase.
Staff made the recommendation to go with tax rate option #4 as the business tax rate would remain below $10 per $1,000 assessment and keep tax increases within the approved increase supported by council.
A tax rate bylaw will be put together and must be adopted by council prior to May 15.