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The West Kelowna city council is proposing a 2023 5% property tax increase on local homeowners.
The council (members) should start reading their own mail and if they do, they will discover the B.C. Assessment Authority had, for 2022, already increased the average property value(s) for homes in West Kelowna about 15% to 20%.
If there was no increase at all in the 2023 West Kelowna tax rate, there would be a bonanza windfall to the West Kelowna coffers due to the large increased assessment.
It should be noted that these recent assessments are based on the high valuations in the marketplace, decided upon back in (July) 2022. The actual current valuations are much lower since the collapse of the housing sales market following the (Bank of Canada's) six-month campaign to crush (inflation and) this "hot" market by increasing interest rates, which it did.
West Kelowna property valuations are now down 15% to 20%, yet West Kelowna council wants to pile it on with another 5% on top of the 20%.
This gimme, gimme more has got to stop.
A Sanderson
