One February 28th Vancouver city council voted and passed the largest property tax increase in over a decade.
The Province had the following to say about the announcement:
Property taxes in Vancouver will jump by nearly 11 per cent this year after city councillors approved a $1.97 billion operating budget for 2023.
"Council voted Tuesday to pass the budget which contains a property tax increase of 10.7 per cent, one percentage point higher than the hike proposed last month and more than double the five per cent amount put forward by staff last November.
A statement from the city says It means average increases of $549 for business properties, $326 for single-family homes and $125 for condominiums, although the assessed value of each property will determine the specific amount.
It’s the highest property tax increase in Vancouver in more than a decade, but Mayor Ken Sim says in a statement that the vote corrects artificially low rates approved by previous councils.
One percentage point of the rate hike will go to the reserve fund and infrastructure renewal, three percentage points will be directed to the police department, and 5.7 percentage points go to other city services and will be used as a hedge against uncertain costs."
Click here to read The Province's full report
Mayor Ken Smith in his own words.
“Let's be abundantly clear as to what these investments would mean — better quality sidewalks and roads with fewer potholes, consistent garbage pickup, cleaner streets and more frequent cleaning of public spaces, properly maintained green spaces, revitalized neighbourhoods, resilient government finances, and for the first time in over a decade, properly funded police and fire services."
He continued...
“When you put your garbage out, you expect it to be picked up. When potholes appear, you expect them to be patched up. When you call 911, you expect emergency services to arrive. And when the snow falls, you expect the roads to be cleared. We have a choice to make. We can make these investments now. Or we can wait until the future when they become even more costly and problematic for residents.”
CBC delved in to further detail as to where all the extra money was going...
"The city's original draft budget laid out an increase of 9.7 per cent, but Mayor Ken Sim announced an amendment to increase that number on Tuesday.
Specific amendments that increased the property tax by an extra percentage point included:
- $4.19 million to Vancouver Fire Rescue Services to fund 33 new positions
- $600,000 to increase grass and plant maintenance
- $300,000 to engineering services to increase road maintenance and pothole repair
- $180,000 for cleaning grants to support plazas and parklets
- $110,000 to the Vancouver Public Library to hire one person to train staff in crisis prevention and intervention
Council also approved a number of budget requests from the Vancouver Police Department (VPD), bringing its operating budget in 2023 to $401.8 million."