With 2022 property assessments prepared by BC Assessment now delivered to Penticton home and business owners, the City of Penticton is reminding residents to consider the following things when reviewing their notice.
- The City of Penticton uses a revenue neutral approach to set its property tax, meaning a BC Assessment property assessment increase does not necessarily result in higher property taxes.
- Property assessment is one element the City uses to calculate property taxes each year.
- Every fall the City sets their budget for the upcoming year, including the amount of revenue they will collect through property taxes. This amount is fixed.
- Property Assessment values may go up or down but the city-wide total property taxes collected will always equal the amount budgeted for. When Property Assessments are issued early the following year the City uses this information, along with the fixed property tax revenue amount that was determined in the budget, to calculate the tax rate to apply.
- If a residential property has experienced the average residential market change of 28.2 per cent, they will experience the average municipal tax increase outlined in the 2022 budget deliberations of 5.70 per cent. If a residential property has experienced a higher than average residential market change, that property will incur a tax rate higher than the municipal increase of 5.70 per cent. If a residential property has experienced a lower than average residential market change, that property will incur a tax rate lower than the municipal increase of 5.70 per cent.
- Property owners who feel their property assessment does not reflect market value as of July 1, 2021 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January to ensure they meet the January 31, 2022 deadline.
- BC Assessment provides a wealth of assessment information for those who want to learn more about the valuation of their property on bcassessment.ca. The toll free phone number for property-related inquiries is 1-866-825-8322.