Penticton reduces property tax

The City of Penticton is reducing its residential property tax rate.

City Council passed a budget on Monday that includes a 0.5% decrease in residential property taxes on 2010 levels.

The reduction is expected to save $3 per household, if all core services are maintained at 2010 levels.

Penticton Mayor Dan Ashton says the city’s budget agreement with the South Okanagan Events Centre and reaching an agreement with CUPE Local 608 were some of the factors that allowed the city to reduce property taxes.

The city’s 2011 budget is more than $700,000 less than last year.