Vernon homeowners are taking on more of the tax burden to give businesses a break.
The City of Vernon is maximizing utility class revenue by shifting 0.5 per cent revenue from business to residential.
The average house would see a municipal tax increase of 2.67 per cent or $42 (up from the originally planned increase of 2.56 per cent).
“The difference in tax rates provided result in different assessment classes in the community paying a different percentage of the total tax burden,” financial operations manager Terry Martens said.
Following finalized assessments, non-market values are higher than what was originally estimated.
“It drives up the business tax rate and drives down the residential rate,” Martens explains.
The average Vernon home is assessed at $475,210 (2.92 per cent increase over last year).
Whereas business saw a 2.35 per cent drop.
“Some businesses are still having a hard time,” Coun. Scott Anderson said. “Other businesses are doing just fine.”
A one-time $49 benefit was given to homeowners last year, but that won’t be the case for 2021.