The City of Penticton is considering deferring the deadline for property taxes until the end of September.
Normally, tax notices would be issued to property owners in June with the deadline for tax payment July 31. Council requested staff to evaluate what a tw0-month delay would mean for City finances, including how it would affect cash flow.
“Property tax is one of the City’s primary sources of revenue,” said Penticton mayor John Vassilaki. “We need to ensure we fully understand the impacts before making this decision.”
Vassilaki explained they are looking at what they can do at the municipal level to assist residents, businesses and not-for-profits during the COVID-19 public health emergency.
“We recognize that the timing of property taxes may add to the financial burden so adjusting the deadline is worth considering,” he said.
Staff will report their findings and provide recommendations at a future Council meeting when regular proceedings resume.