BC Assessment has recently mailed assessment notices to property owners across Penticton. The average residential property value has decreased by three per cent. The City of Penticton reminding residents that changes in the value of your property does not necessarily result in an equivalent property tax change.
The City of Penticton has an annual budget, which includes an amount for property tax revenue, to fund important services used every day in the community. Property assessment values may go up or down but the city-wide total property taxes collected will always equal the amount budgeted for. This is achieved by setting new tax rates before May 15th each year so only the budgeted amount of property tax revenue is received. For example:
- If your property assessment decreased by 3%, your municipal tax will equal the budgeted rate change %.
- If your property assessment increased more than the 3% average decrease, the tax increase will be relatively higher than the budgeted rate change %.
- If your property decreased less than the 3% average, the tax increase will be relatively lower than the budgeted rate change %.
If you have concerns with the assessed value of your property, you can appeal to BC Assessment by January 31 through the contact information on the notice.
For more on BC Assessment Notices, click here https://info.bcassessment.ca/services-and-products/Pages/ThePropertyTaxEquation.aspx