Vancouver city council to consider 7.6% property tax hike
Posted November 22, 2023 6:29 pm.
Last Updated November 23, 2023 7:42 am.
Vancouver property owners could be hit with a 7.6 per cent property tax increase, according to the city’s 2024 draft budget.
That figure isn’t set in stone as council will hear from the city’s Budget Task Force on Nov. 28 to look at ways to trim costs.
But Coun. Peter Meiszner said Vancouver is facing significant cost pressures, and the increase is needed to avoid cutting services.
“We are being expected to add more housing density across the city, that’s now being mandated by the province. But we also have infrastructure that needs to be upgraded,” he told CityNews Wednesday. “So, a lot of infrastructure upgrades have been neglected for a long time.”
Other big-ticket items earmarked in the draft include policing, new investments in Vancouver Fire Rescue Service, and water and sewer upgrades.
“There may be some opportunities there for additional reductions, but we also are expecting some of the recommendations to be more longer term.”
“So, recommendations for reductions in future years but we did manage to have staff shave about two per cent off the projections,” Meiszner added.
As council hears from staff next Tuesday, the public will also have the chance to weigh in and share their thoughts.
Council will meet for a vote on whether to adopt the draft budget on Dec. 12.
“Last year when we had a double-digit property tax increase, the mayor came out and said this cannot be the norm. And I 100 per cent agree. I was very uncomfortable with that number. So, I do feel better this year,” he said.
