UPDATE: 3:40 p.m.
Council voted 6-1 in favour of the option four tax hike. Opposed was Coun. Brian Quiring, who was in favour of option two.
Original Story: 8 a.m.
Vernon residents will be paying more in taxes in 2023.
The question is how much, and Vernon council will be mulling four decisions at Tuesday’s meeting (April 11).
Option one is to have no changes to the allocations of the general municipal tax levy, except for a minor shift between residential and utilities. The average residential property, existing in 2022, will see an increase in general municipal taxes of approximately 3.63 per cent or $64. The residential tax rate would decrease marginally, from $2.82 to $2.67.
Option two would maximize utility tax revenue like Option one, but would shift revenue from business to residential to a level that would achieve a business to residential rate ratio of 3.2. The average house would see a 4.84 per cent tax increase, equalling $85.
Option three would also maximize utility tax revenue, but places the residential increase at the 2023 budgeted amount of 4.57 per cent. The shift amounts to $316,000 and is a more moderate version of the second option.
The fourth option, and the one that is recommended to council, is the maximization of utility tax revenue, with a residential budget increase of 4.48 per cent. The average house would see a municipal tax increase of 4.48 per cent or $79.
Once the Tax Rates Bylaw has been presented to council (and adopted in a timely manner), the property tax levies will be calculated in time for property owners to pay their taxes by the July 4, 2023 due date.
You can read the full report here.
READ MORE: Coldstream council eyeing steep tax hike
READ MORE: Tax hike for Armstrong residents