In a surprise move Tuesday night at Vancouver City Hall, council approved the biggest tax increase in more than a decade.
The city approved the 2023 operating budget, putting homeowners on the hook for a 10.7-per-cent increase in property taxes.
The double-digit figure is even higher than the 9.7-per-cent hike that city staff proposed last week, ahead of the first public meeting to discuss the budget earlier on Tuesday, where it also passed at the same time.
![Click to play video: 'Metro Vancouver’s property tax equation'](https://i2.wp.com/media.globalnews.ca/videostatic/news/h1q5yox743-migfp623rd/WEB_MN_BRAD_WEST_MAR_1ST.jpg?w=1040&quality=70&strip=all)
Mayor Ken Sim released a statement Tuesday night, saying Vancouver “has been placed in a very challenging position.”
“In an effort to keep taxes artificially low, previous administrations chose to severely underfund public safety, road upkeep, sanitation services, and critical infrastructure maintenance for over a decade,” Sim said.
“We have inherited a half-billion-dollar infrastructure deficit, and the City’s cash reserves have been almost completely depleted due to the previous Council’s spending during the pandemic.”
The newly approved budget is $29 million higher than the previous proposal, with amendments made during Tuesday’s public hearing.
Property taxes will be around $326 more for a single-family home and business property owners could pay around $549 more in 2023.
The average condo owner will now pay around $124 more, based on the assessed value of the property starting this year.
Comments