Tax Time!

Courtesy of kelownanow.com

If you're a news savvy reader, you may have spotted this announcement from the City of Kelowna mid-January. If you're not on the city's news stream, then here's a tid-bit for you home-owners who may be wondering why your tax bill suddenly seems a bit off.....

-------------------------------------------------

City of Kelowna News Release

Increase of 3.46 per cent proposed

Kelowna City Council reviewed the 2015 budget submitted by staff, setting a provisional tax increase of 3.46 per cent after a full day of deliberations.

A 3.46 per cent increase translates to $59.90 increase for the average Kelowna homeowner (the average single-family home in Kelowna is assessed at $467,330).

City staff submitted a provisional tax increase of 3.47 per cent to Council at Monday's Council meeting. Council sets the tax rate requirement after reviewing the 2015 Financial Plan to determine which projects to fund and which projects to defer or cancel, balancing the community’s interest in maintaining existing levels of services while planning for significant infrastructure needs.

Unique to the 2015 budget, more than one-half of the tax demand is coming from protective service costs. 1.77 per cent of this year’s rate increase is for the new Police Services Building project and Police contract cost increases associated with indirect costs for pension and recruit training. The remaining 1.69 per cent is for all other City operations and capital projects in 2015.

Proposed operating expenditures for 2015 are $112.8 million and includes adding six new RCMP members along with sidewalk expansion projects that will improve pedestrian safety, accessibility and comfort. Total capital project funding was included at $91.0 million. 2015 Capital project costs including all funds are 17 per cent asset renewal (i.e. maintenance and replacement of existing City buildings and infrastructure) and 83 per cent for new capital projetcs.

The final budget tax rate will be presented to City Council in May.

For more information about the City budget, visit kelowna.ca/budget and subscribe for e-updates.

-----------------------------------------------------------

If you have any questions about real estate in the Okanagan or are interested in a specific neighborhood or home, call me today. I am here to help!

~Helping you SEE Possibilities~

Blog Archives

Tags