City of Vernon tax shift from business to residential

Apr 13, 2021 | 5:15 AM

Changes in assessed value in Vernon will result in a tinkering with the Vernon tax rate for 2021.

B.C. Assessment Authority reports the residential property assessment for Vernon in 2021 went up 3.05 per cent. Business assessments saw a reduction of 2.35 per cent.

The difference in assessed value would result in a decrease in the residential tax rate and an increase in the business tax rate.

Council has had a policy of trying to keep the rates in balance.

About two-thirds of tax revenue comes from residential rate payers, just over 31 per cent from business taxes and the remainder from industrial and other property types.

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In the end council voted for a compromise which will see the residential tax rate increase by 0.11 percent to 2.67 per cent or $42 a year for the average home.

The business tax rate would increase to 1.77 per cent of $170, in additional taxation.

“We did get a fairly significant tax break as commercial property owners, because of COVID.,” Coun. Brian Quiring said. “I’m happy with it, Normally I wouldn’t be because we keep nudging it up, but it is appropriate this year.”

Utility class revenue will also be maximized.

by Kevin Rothwell

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