Mill assessment down a 3rd, but taxes still over $530,000
The owners of Kelowna’s downtown sawmill have won a onethird reduction in their property assessment.
The 15 hectares of land and buildings owned by Tolko Industries have been reassessed at $21 million, down from a previous valuation of $29 million in 2016.
A new valuation was set by the Property Assessment Appeal Board, based on a joint submission from Tolko and the BC Assessment Authority.
Because it was a joint submission, the reasons for the lowered assessment are not publicly available.
However, representatives for Tolko had argued previously at the appeal board that the assessment for the downtown sawmill site was too high, relative to other lands in Kelowna with a heavy industrial zoning classification.
The lowered assessment has not translated into a significant tax break for Tolko, as the company’s 2017 gross taxes, due Tuesday, are $530,229.
That’s compared to $555,000 last year, $548,000 in 2015, $507,000 in 2014 and $503,000 in 2013, according to the city’s tax division.
There are approximately 73.7 hectares of land in Kelowna with a heavy industrial zoning, most of which are in the downtown north end.
Tolko Industries did not respond this week to an email asking for comment on the revised assessment.
All City of Kelowna property taxes are due by 4 p.m. on Tuesday. If unpaid, a five per cent penalty will be applied immediately, with another five per cent penalty in early August.