181 Penticton properties have been approved by City Council to receive a 2022 permissive property tax exemption.
These tax exemptions are reviewed and adopted annually for properties that meet specific circumstances - such as providing support services, programs and housing to at-risk members of the community, as well as providing increased well-being to the community at large.
Exemptions fall into provincial and municipal categories. Provincial exemptions, which are statutory and set out in the Community Charter, include buildings used for public worship, hospitals and learning. Municipal exemptions, which are provided at Council’s discretion, are a tool in the Community Charter for local governments to supplement the provincial exemptions and provide assistance to community not-for-profits and societies.
The total estimated value of applications accepted during the 2022 Permissive Tax Exemption totals $613,884. This value is derived using the 2021 taxable assessment value and 2021 property tax rates and represents 1.71 per cent of the 2021 total budgeted general municipal tax requisition.
Of the intake of permissive tax exemptions the City of Penticton received this year, one application changed, three applications were new and four applications did not return.
“The need for permissive tax exemptions in Penticton has a long history and Council was pleased with the recommendation made by staff, “said Penticton Mayor, John Vassilaki. “The authority to grant permissive tax exemptions allows municipalities to achieve various goals, including supporting non-profit groups that provide services to the City and encouraging development that benefits the community as a whole.”