City Tax Hike Lowered

By Corey Fischer

Apr 12, 2019 | 10:23 AM

The City of Vernon’s tax hike this year will be slightly lower than first predicted.

City staff say the increase will be 4.98% rather than the earlier figure of 5.3%.

“This is mostly due to the extraordinary increase in Residential Class assessments during 2018,” says a City news release.

The average home in Vernon saw its assessed value increase by 7.9% this year, from $403, 559, to $435,395.

“Those homes will see an average tax increase of $97.57 depending on the individual property increase or decrease in assessed value'” says the release.

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The release says council voted to maintain similar tax rates to 2018.

“In 2018, the Residential Class tax rate was 3.3998 per $1,000 assessment, in 2019 the tax rate will be slightly lower at 3.3753 per $1,000 assessment.

Similarly, in 2018 the Business Class tax rate was 9.6856 per $1,000 assessment. In 2019 the rate will be lower at 9.6138. This was possible because the total property assessments for all Classes throughout the City was higher than the total taxation increase planned during the 2019 – 2023 Financial Plan process. The 2019 business to residential multiplier will be similar to the 2018 multiplier at 2.8483.”

by Corey Fischer