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Given four options for dividing the property tax burden between home owners and businesses, Vernon city council voted to make residents pay more.
Councillors chose an option that would set the business-to-residential multiplier at 2.7405, up slightly from last year’s multiplier of 2.618.
The net increase on residential property tax will amount to $37.46, based on an average home value of $333.245, up from $317.350 in 2014.
As a percentage, residential property taxes will increase 3.52 per cent.
Coun. Brian Quiring suggested there be a shift to residential taxpayers.
“There are a lot of vacant commercial properties,” he said, “and it’s hard to carry the expense of an empty building.”
Coun. Catherine Lord pointed out that the residential-business multiplier is based on the number of businesses and their assessments and the number of residences and their property assessments.
“It will change every year,” she said.
Council’s decision will result in a bylaw that must be passed by May 15.
– Wayne Emde
