Vancouver property taxes could rise up to 10%

Property taxes in Vancouver could rise by as much as 10 per cent next year in order to pay for a wealth of recent motions approved by city council, according to a preliminary budget report. Staff’s 2020-2024 Budget Outlook, which was approved by council on Wednesday, suggests those motions have added an additional pressure of $21 million to $24 million for 2020 alone. Those numbers, which staff say are high level estimates, would require a tax increase of at least six to seven per cent annually — higher than last year’s projected annual increase of 4.9 per cent. The current council’s first budget since their election, which was approved in December 2018, lowered the increase to 4.5 per cent for 2019. Staff point to a few key council initiatives for the projected expense pressure, including efforts to confront climate change and a proposed city plan, which is still being debated. Other initiatives that aren’t individually mentioned in the report account for a combined $7 million to $8 million alone in projected expenses for 2020.

Canadian Press

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