Vernon Tax CHEAT SHEET. Lets take the mystery out of the City Portion of Taxation

This is a reposting of a Mar 13 piece on how to figure out where you stand with regards the proposed "1.99%" budget from the city of Vernon. The "mill rates" to be used for both Residential and Business taxpayers anywhere in the city are listed below. They are based on the budget as it was presented last night at the public input session and in response to a businessman who asked what the effect on business would be and didn't receive an answer. The business tax "mill rate" (I am from the old school ) is based on the ratio remaining at the present 3.09 ratio.

This will calculate your City Taxes portion for 2009 only and should be compared to your city taxes last year for both the general tax portion and the fire specified area portion. The difference will be your increase or decrease.

Hopefully the City will post an interim tax calculator showing only the City's portion of your taxes on their website so you can more easily calculate your tax change. Last years full calculator is here:
What will your tax bill be in 2008? Calculate your property taxes with our new online Property Tax Estimator.

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 within the same class. (The average $418,676 Residential 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.


----------------------------- Original March 13 Article.--------------------
According to the CFO of the City of Vernon the average home based upon the current tentatively approved budget will have a City taxation rate of 2.4786469.

This 'mill rate' is easily figured out by dividing the CFO's average tax charge for 2009 of $1037.75 by the average property assessment value for 2008 of 418,676 and multiplying by 1000.
(1037.75/418676) x 1000 = 2.4786469

Thus all you have to do to figure your 2009 Vernon City Taxes is to

• Multiply your 2009 total assessment by 2.4786 and divide by 1000.
  
• Compare it to your 2008 tax bill for the sections "General City taxes AND Fire Protection (Add the two totals together to get 2008 taxes)
  
• The difference is how much the City Part of your taxes will go up or down for 2009.

This does NOT figure out your School taxes, Nord Taxes, Hospital taxes or Library and taxes for MFA and BC assessment or any specified areas taxes which all appeared on your 2008 tax bill.

THIS IS FOR RESIDENTIAL TAX PAYERS ONLY:
For Businesses:
If the business tax ratio stays at last year's rate of 3.09 then the multiplier that you should use will be 2.4786469 x 3.09171 = 7.66328

Use this multiplier as in the above Residential Formula.
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Remember there is a public input session on Monday March 30 at 5:30 Pm
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Would appreciate comments from any one that uses this formula on the status of their 2009 taxes. (keep them Civil)

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All these numbers used are those that were provided in open sessions of Council by the Financial department.

Other Postings on this subject : Real effects of a 1.99 % budget
The 1.99% City Taxation Presentation