Penticton Property Taxes Will Rise 4.36%
Penticton Council finalized their budget on Thursday, passing a 4.36-percent increase to property taxes, after three days of deliberations.
Mayor Andrew Jakubeit breaks down the numbers.
"Equates to about 86 dollars for the average house," says Jakubeit. "Out of that, 2.1% is dealing with infrastructure, putting into an infrastructure reserve, 1.5% is dealing with inflation and most of our inflation costs are contractual costs with our unions, and 1.76% to deal with our general operating."
Jakubeit was one of three councillors arguging the rate should be 4% but says the budget passed provides a good balance.
A 4% rate would have meant about 80 dollars for the average household, while the original, 5% rate City Staff put forward at the beginning of the talks would have been around 96 dollars.