Kalamalka Lake in Coldstream (file photo/Vernon Matters)

By Pete McIntyre

How much do they pay?

District provides facts on tax impact of lakefront properties

May 17, 2024 | 5:00 AM

The District of Coldstream has set the record straight about how much of the tax burden lakefront properties account for.

District staff say at council’s April 22, 2024 meeting, a member of the public had questions regarding the percentage of property taxes that lakefront properties pay to the district, having heard that they may be contributing up to 80 per cent of the total taxes collected.

“Council was concerned about potentially inaccurate information being circulated and directed administration to verify the amount of property tax the lakefront properties actually pay,” Jeremy Sundin, director of financial administration, said in a report to council.

Staff contacted the Regional District of North Okanagan whose geographic information system (GIS) department was able to provide a map and the Class 1 residential assessed values of the properties with frontage along Kalamalka Lake.

“In total there are 205 residential class properties identified with an average land and improvement assessed value in 2024 of $2,712,112. The total value of all 205 residential class properties is $555,983,053,” Sundin reported.

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The director added the district’s 2024 tax rate for general municipal tax and municipal debt together is $1.865808 per $1,000 of taxable assessed value.

“This translates into $1,037,358 in property taxes received by the district from these properties, which represents 12.6 per cent of all property taxes assessed to residential properties, or 11.3 per cent of property taxes from all property classes,” Sundin explained.