Kelowna homeowners will see a 3.84-percent municipal tax increase this year - city councillors approved the final 2017 Financial Plan today (Monday).
Financial Planning manager George King says this year, the average home is being assessed at just over $556-thousand dollars.
"Municipal taxes will be $1,932, which is an increase of $71.46, or 3.84 percent. This increase works out to approximately $6 per month, or $1.50 per week," he said.
He says one area where the city didn't see as much money as expected was in a decrease in franchise fee natural gas revenues from Fortis BC.
"What we get back every year is 3% of the previous year's revenues. And what Fortis is indicating to us is that while the volume went up in sales, the actual commodity price has actually dropped," he said.
However, this was more than offset by an increase in new construction revenue.
Other fees included on the city property tax bill include curbside collection and levies for the school district, Regional District of Central Okanagan, library, hospital and the BC Assessment Authority.
The tax rate is slightly lower than the 3.86-percent increase that was approved by council in their provisional budget last December.
Taxation accounts for about a third of the city's revenue with the rest coming from sources like grants, reserve funds, and fees and charges.