Vernon council approved a tax hike of 6.48 per cent for residential municipal taxes in 2024.
The average property owner in Vernon will pay $119 more in taxes this year.
Council was provided with a 2024 property assessment analysis, which showed a 2.33 per cent (or $16,078) increase in the value of an average residential home, now worth $706,490.
The 2024 budget required a tax increase of 5.28 per cent, which prompted discussion from councillors as to why the 6.48 per cent hike was needed.
“The way I am reading this is residential and businesses are actually being charged more than the 5.28 per cent,” questioned Coun. Kari Gares.
“It includes that non-market growth, which is why it looks odd,” said Debra Law, director of financial services for the city.
“Non-market growth is 1.44 per cent, which was not in the previous budget.”
Law added that 5.28 per cent, plus the 1.44 per cent of non-market growth, which includes new properties and businesses, is 6.72, higher than what is actually going to be charged to residential homeowners.
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