Kelowna residents can estimate 2012 property taxes

Jan. 23, 2012 City Of Kelowna

Reminder:Property assessments are not tax bills

Property owners in Kelowna should now have received their annual assessment notices from BC Assessment. Property owners are reminded that a change in assessment values does not necessarily result in an equivalent percentage change in municipal taxes.We want to remind residents that property assessments are not their tax bill," says Keith Grayston, Financial Services Director for the City of Kelowna. "The actual change to the 2012 property tax rate will not be determined until the City and other taxing authorities have completed their budget deliberations in May." "Although the assessed value of residential properties in Kelowna has decreased on average by 3.2 per cent for 2012, property owners with that average change will see an estimated 0.11 per cent increase in their municipal property taxes," says Grayston. "Property owners with assessment increases above the average will notice a proportionately higher percent increase in municipal taxes and those with a change below the average will experience a lower than average tax change."In January, City Council adopted a provisional budget with a tax increase of 0.11 per cent. Once the 2012 municipal budget is finalized in May, tax rates will be calculated using the revised roll assessed values provided by BC Assessment. For further details on the City of Kelowna budget, visit kelowna.ca/budget. Residents can also estimate their 2012 municipal taxes using the online calculator at kelowna.ca/propertytax."The Property Tax Estimator provides a quick way for residents or new home buyers to estimate their 2012 tax bill," says George King, Revenue Manager. "Residential property owners simply enter their assessed values from 2011 and 2012 found on their assessment notice."The reassessment process does not generate revenue for the City of Kelowna. Municipalities do not benefit from property reassessment; the assessments simply distribute the share of the tax burden in an equitable fashion based on current market value. Property owners with questions or those wishing to appeal their property assessments should contact BC Assessment or visit bcassessment.ca for more information.