Vernon property taxes going up almost 5.5%

Vernon residents are facing a 5.47 per cent property tax increase this year.

With basically no discussion, Vernon council voted unanimously in favour of the increase today, April 11.

"That was a very simple one compared to other years," Vernon Mayor Victor Cumming commented following the vote.

Four options were put on the table for what the tax increase could be.

Vernon councillors chose the 5.47 per cent increase which was the lowest increase for residential homeowners out of the four options. Other options included a seven per cent increase, a 9.47 per cent increase, or a 6.83 per cent increase.

The 5.47 per cent increase will equate to an $89 increase for the average Vernon property.

Like the rest of the region, residential properties saw a huge increase in their assessed value this year. The average residential property assessment in Vernon in 2022 is $611,523 up from $481,819 in 2021 – a 27 per cent increase.

A staff report states in 2022 the city needs $48,657,779 in revenue.

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