City to miss out in over $4M in potential tax revenue
KELOWNA – It’s a significant chunk of change, $4M. It’s the property tax revenue the City of Kelowna may waive as part of its Permissive Tax Exemption Bylaw.
On a budget of over a $100M for 2014, that works out to roughly 4 per cent.
The city’s policy on tax exemptions is meant to recognize the value of volunteer, spiritual, educational, social and cultural organizations. As the policy states, Council is supporting these groups in effort to improve the quality of life in Kelowna.
A report from city staff outlines next year’s exemptions for everything from churches and temples, to hospitals and special needs housing.
The biggest piece of the $4M in property tax forgiveness goes to the health care sector. Council is being asked to waive over $1.5M in taxes for hospital and other health care facilities. Churches and temples come in next with over $500,000 in exemptions.
City councillors will vote on the bylaw to implement the tax breaks at the regular weekly meeting Monday.
To contact the reporter for this story, email halexander@infotelnews.ca or call 250-491-0331.
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