This presentation is the comparison between what the average property valued at $418,676 ($
149,811 Land & $ 268,865 Improvements) would have paid in actual taxes in 2008 and proposed taxes in 2009.2008 taxes are calculated with the fire tax levy separate as it was only charged on improvements while the 2009 taxes are charged on a full integrated fire tax that is assessed on both Land AND improvements.
Because there were 2 different fire specified areas in 2008 Okanagan landing AND the rest of the City the comparision is naturally broken out that way.
A comparison for the same valued property (i.e $418,676) that is bare land is also shown.
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Tax Caveat:
Every property is effected by the tax rates in a different manner and is dependent usually on the amount that its assessment is up as compared to the average assessment increase. As the Province froze assessments this year (in most cases) this should not be a major factor in this years calculation . The major difference this year is how much Land you have in comparison to the average Land component of the average property. (The average $418,676 property has 35.78% Land and 64.22% Improvements) As fire taxes will now be charged on Land also your taxes will rise or fall dependent on your deviation from the average.
As an illustration of the above my particular property has 46% land assessment and I will expect that my tax increase consequently will be higher than the average increase.
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An article in the Morning Star has some of the comments from Council about the 1.99% tax solution.
A Posting of yesterday shows the City's Presentation of the 1.99% Tax Increase for the average House.
1 comment:
Thanks for your efforts to illustrate this. I would like to see how much the average home in Vernon (original) would be paying this year for Fire Services if the Landing Residents, All vacant Land owners and Land portion of all assessments were not being forced to chip in. Perhaps the real COST of the Downtown Fire hall and staff is being hidden from real view.
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