When it comes to property tax increases, Kelowna remains firmly in the mid-range of B.C. municipalities with a population of over 75,000.
Council got a preview of the preliminary 2023 budget at their Dec. 5 meeting. The city’s financial plan is made up of three budget volumes: preliminary, carryover and final.
A staff report reads that the net tax demand is estimated at $173.8 million. That requires a proposed 4.01 per cent increase on the municipal portion of a property owner’s tax bill, and includes a one per cent levy for community safety.
The report showed the average property tax bill (2022) for B.C. was $2,839, while in Kelowna it was $2,579. The increase for 2023 will add $91.68 for the year for a median-priced single-detached home in Kelowna.
Staff told council that several economic factors challenge the 2023 budget, including inflation, labour shortages and supply chain disruption.
Council and staff will go through the final document in detail during budget deliberations on Thursday, Dec 8.