Surrey city budget proposes ‘modest’ 2.8% property tax increase

The City of Surrey says it’s been forced to adapt to looming U.S. tariffs but won’t compromise funding projects in its financial plan for the next five years.

The 2025-2029 general operating and capital budgets were made public Monday, proposing a 2.8 per cent general property tax increase.

Mayor Brenda Locke says the increase is among the lowest in the region, calling it “modest” amid “challenging and uncertain economic times.”

“This is less than half of our general property tax increase in last year’s Five-Year Financial Plan. Our council has worked hard to ensure that we keep tax rates low while still addressing the essential needs of our growing community,” said Locke.

The city says it will fund general inflationary pressures, hiring an additional 20 Fire Services positions, 10 bylaw positions, and 25 police positions.

Surrey is also moving forward with “transformative” projects ranging from a 10,000-seat sports arena, and an interactive art museum.

Locke says the city is being “financially prudent” without compromising on infrastructure, including funding 36 projects.

She says council negotiated a $250 million grant from the province to help alleviate the burden on taxpayers.

“If the proposed increases are approved, the city’s portion of property taxes for the average assessed single-family home in the City of Surrey would be $3,169, which would place Surrey in the bottom third of the region for property taxes collected for the respective average assessed home in Metro Vancouver,” the city said.

A public meeting of Surrey’s finance committee is scheduled for April 14, 2025, at 1 p.m. to consider the proposed budgets.