Vancouver approves 2024 property tax hike of 7.5%
Posted December 13, 2023 7:02 am.
Last Updated December 13, 2023 7:27 am.
Vancouver city council approved its 2024 operating budget Tuesday night, which includes a tax hike of 7.5 per cent for property owners in the city.
The overall operating budget for next year comes in at $2.2 billion — $367.8 million of which has been set aside under its capital budget.
The 7.5 per cent increase to home and business owners in the city is made up of: “1% for additional infrastructure renewal, 3% for Vancouver Police Department (VPD) services, and 3.5% for funding across all City services.”
The city explains average increases for a median residential strata unit in the city, assessed at just over $800,000, will see a rise of about $98. A median single-family home, assessed at $2.1 million, will see a rise of about $260.
Meanwhile, a median business property in the city, assessed at $1.2 million, will see an increase of $472 next year.
The approved budget comes after the city’s draft budget proposed a slightly higher property tax hike of 7.6 per cent.
On Tuesday, a slew of amendments to the budget were approved, including one that will see the city’s fire department’s funding cut by $1 million and the Mayor’s Office topped up with $180,000.
The amendment stated the Vancouver Fire Rescue Service operating funds would be reduced by $1 million “to reflect the estimated timing of hiring and on boarding of new staff given current levels of attrition.”
It notes the “balance of funding” will be moved into the city’s 2025 budget. The VFRS operating budget will still increase for 2024, but by $1 million less than originally approved on Nov. 28.
It then went on to suggest that council increase the City Clerks Department by $80,000 to hire one new full-time role to “provide administrative support to the Mayor’s Office, funded by previous amendments to the 2024 Operating Budget.”
The Mayor’s Office will also see an increase of $100,000 for “discretionary expenses.”
The city’s budget was approved along party lines, with Sim’s eight ABC Vancouver councillors voting in favour, and the three Green and OneCity councillors opposed.
