City of Vancouver proposes 9.7% property tax hike in revised draft budget – and it could go higher
Homeowners in Vancouver could see their property taxes spike by nearly 10 per cent if the city’s newly revised draft budget gets the green light next month.
The director of finance has proposed a $1.96 billion 2023 Draft Operating Budget in a report that was released to the public Tuesday night.
The budget would be supported by a property tax increase of 9.7 per cent, though individual homeowners could see their tax bills change by larger or smaller amounts depending on how their home's assessed value changed this year.
According to Coun. Pete Fry, the average single family home assessed at $2 million is going to look at about a $450 increase this year with taxes and fees.
According to the staff report a large portion of the increase is being driven by unexpected inflationary pressures that are now expected to continue throughout 2023 and into 2024.
“Municipalities across Canada are also experiencing similar pressures and are implementing higher increases in property tax rates for 2023 than historical levels,” the report reads.
Fry said some of the increase is also being driven by a half-billion dollar infrastructure deficit, due to spending that’s been put off for years. That lack of spending, he said, can be seen in examples such as the front of the Vancouver Aquatic Centre falling apart and cobblestones streets crumbling in Gastown.
“We haven’t been doing a very good job of infrastructure replacement in the past,” Fry said.
“We see what climate change, and storm surges can do (such as) our seawall falling apart. All these pieces are really catching up with us so we need to make those investments if we really want to have a whole city.”
Coun. Sarah Kirby-Yung, said civic finances are also still recovering from the pandemic.
“We are inheriting an empty reserve fund that was depleted during COVID-19, and also an underfunding of the services that residents really value—including public safety,” Kirby-Yung said.
"We're always concerned about affordability. We’re also concerned when a budget doesn't reflect the priorities that we heard loud and clear from residents.”
Policing accounts for 2.7 per cent of the proposed increase, with an increase of just over $28 million. But Fry said that number could go higher, noting tha the Vancouver Poilice Board approved a budget proposal that would see an increase of $38 million.
“The police have actually asked for an additional 1.7 per cent increase on top of that. Whether the ABC majority wishes to endorse that – I’ll guess we’ll find out next week,” he said.
Fry said even if the majority on council does not decide to increase funding for police beyond the proposed amount, the actual property tax amount could end up being higher than 9.7 per cent. He notes that Vancouver Fire and Rescue Services has said it needs to hire at least 55 more firefighters but that an increase that would allow that is not included in the proposal.
“We’ve been putting off for about four years now,” he said. “We’re seeing a fire department that’s really stretched thin.”
The report will be presented to council next Tuesday, with an official vote slated for March 7.
With files from CTV News Vancouver's Becca Clarkson.
CTVNews.ca Top Stories
Grandparents killed in wrong-way crash on Hwy. 401 identified
A 60-year-old man and a 55-year-old woman killed in a wrong-way crash on Highway 401 earlier this week have been identified by the Consulate General of India in Toronto.
Police arrest 3 Indian nationals in killing of B.C. Sikh activist Hardeep Singh Nijjar
Three people have been arrested and charged in the killing of B.C. Sikh activist Hardeep Singh Nijjar – as authorities continue investigating potential connections to the Indian government.
Suter scores late goal, clinches series for Canucks
Pius Suter scored with 1:39 left and the Vancouver Canucks advanced to the second round of the NHL playoffs with a 1-0 victory over the Nashville Predators on Friday night in Game 6.
TD worst-case scenario more likely after drug money laundering allegations: analyst
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
Quebec man who threatened Trudeau, Legault online sentenced to 20 months in jail
A Quebec man who pleaded guilty to threatening Prime Minister Justin Trudeau and Premier François Legault has been sentenced to 20 months in jail.
Human remains found in rural Sask. possibly a decade old, RCMP say
RCMP say human remains found in a rural area in central Saskatchewan may have been there for a decade or more.
Britney Spears 'home and safe' after paramedics responded to an incident at the Chateau Marmont, source tells CNN
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
Canadian doctor concerned new weight-loss drug Wegovy may be used inappropriately
As Wegovy becomes available to Canadians starting Monday, a medical expert is cautioning patients wanting to use the drug to lose weight that no medication is a ''magic bullet,' and the new medication is meant particularly for people who meet certain criteria related to obesity and weight.
Drew Carey is never quitting 'The Price Is Right'
Drew Carey took over as host of 'The Price Is Right' and hopes he’s there for life. 'I'm not going anywhere,' he told 'Entertainment Tonight' of the job he took over from longtime host Bob Barker in 2007.