Penticton’s council gave the go-ahead for a 5.31% tax increase for 2024, a notable decrease from the originally proposed 8.7%. This decision came after three days of budget deliberations in November, during which council opted to spread out the tax hike over two years, offering relief to residents. The adjusted increase translates to an average annual rise of $106 for residential properties and $414 for commercial properties. Additionally, Penticton’s Business Tax Multiplier (BTM) for 2024 experienced a slight decrease to 1.92, reflecting efforts to balance the tax burden between residential and non-residential taxpayers. Angela Campbell, the director of finance, highlighted market shifts as influencing factors behind these adjustments, noting a decline in the residential property market in 2023.