Kelowna, B.C., council approved the city’s final 2023 financial plan Monday, putting into effect a 3.78 per cent property tax increase that will result in an additional $86.42 per year or $7.20 a month, on average, for a homeowner.
In a press release distributed Monday, the city explained that the annual property tax rate is based on the amount needed to balance the budget once other revenue streams, including grants, reserves and user fees, have been applied.
The hike also includes the introduction of a one per cent public safety levy to fund the addition of six new RCMP members, four firefighters and four bylaw officers.
The city’s self-funding business operations, which have no impact on the taxpayer, include Kelowna International Airport and its water utility, parking and solid waste services.
The city’s entire yearly budget is $780 million. Taxation revenue will account for approximately 23 per cent, or $176.6 million, of its budget.
“Each year, staff and council are tasked with balancing the community’s interest in maintaining existing levels of services while planning for significant infrastructure needs,” city manager Doug Gilchrist said in a statement.
“Building economic resiliency into our financial management and business practices has enabled us to respond to the external economic pressures while keeping the tax rate as low as possible.”
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Of the $176.6 million total taxation demand, the city said community safety represents the largest investment at 34 per cent, followed by infrastructure (33 per cent) and the fire department (13 per cent).
New 2023 investments for the city include $22 million in water, wastewater and stormwater protection projects and $31 million in parks and public spaces infrastructure projects.
Property taxes are due by July 4 and there is a legislated, non-discretionary penalty of 10 per cent for late payments. In addition to cash, cheque, debit and online banking, property tax payments can also be made this year through credit card.
Property owners are reminded that the Homeowner Grant program is now provided through the province of B.C. To apply for a retroactive or new grant, visit the province’s website.
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