B.C.'s Finance Minister Carole James said the results of the speculation tax after one year shows it is meeting its goals. (Mike McArthur/CBC)[size=0.625]0

While more than 99 per cent of property owners in B.C. are not paying the province's new speculation tax, more than 15 per cent of properties owned by foreign nationals or satellite families are not exempt.

Finance Minister Carole James revealed those details, along with a breakdown of which municipalities have been most affected, at a news conference on Tuesday.

"Based on the data ... the tax is working as we intended," she said.

"It is, in fact, targeting speculators."

The tax, which targets homes that are not declared as a primary residence, or rented out for at least three months, has been paid by 11,783 property owners in B.C., covering 9,386 properties.   

James said the government is forecasting revenue of $185 million in 2019/20 from the tax, which was set at 0.5 per cent of the assessed value of a property in 2018 — and will rise to two per cent for foreign owners and satellite families in 2019.

While the majority of properties affected were in B.C.'s biggest cities, a disproportionate number were affected in West Vancouver and West Kelowna.