It's about that time of year again when cities all across the province are progressing through deliberations for their 2023 budget and setting new rates for property taxes. Property taxes go up pretty much every year, and nobody is happy about it, but depending on where in BC you live, you may have it better than others. Or worse.
Here's a quick tour around BC and how much various municipalities are raising their property taxes by in 2023.
Vancouver
2023 Property Tax Increase: 10.7%
Status: Approved
During his election campaign, Mayor Ken Sim said a property tax increase of 10% was "unsustainable." Fast-forward to March, and the City of Vancouver has now approved a 10.7% property tax increase, an increase from the originally proposed 9.7% via a last-minute amendment by Sim himself. The increase granted an additional chunk of funding for the Vancouver Police Department that the City originally did not include in the 9.7% version of the 2023 Budget.
The City of Vancouver is, however, providing some property tax relief for small businesses via a new Development Potential Relief Program that reduces the tax burden for businesses that are paying inflated property taxes as a result of the development potential of their land.
READ: Last-Minute Amendment by Mayor Sim Pushes Vancouver Property Tax Hike to 10.7%
Surrey
2023 Property Tax Increase: 12.5%
Status: Pending Approval
Surrey is another municipality proposing a significant property tax increase as a result of needed funding for policing. The difference between Surrey and Vancouver, however, is that Surrey's property tax hike stems from having to pay two police forces, rather than just one, as a result of the City's decision to now halt the transition to the Surrey Police Service and retain the Surrey RCMP.
The original property tax hike was proposed to be 17.5%, but will likely be cut to 12.5% as a result of the Growing Communities Fund the provincial government announced along with its budget. That fund would provide Surrey with $89.9M that it can add to its budget, reducing the needed tax rate increase. The revised budget will be brought back to council on Monday, April 3.
READ: Surrey Proposing 17.5% Property Tax Hike Due To Police Transition, Inflation
Langley City
2023 Proposed Tax Increase: 11.56%
Status: Pending Approval
Langley City approved its budget in a March 6 council meeting, with a gap of $3,863,160 between total revenues and planned expenditures, according to the City, resulting in the 11.56% property tax increase in order the balance the budget.
The City says the increase will also go towards funding needed to replace old roads and end-of-life sewer lines, including the $18.2M needed to replace old drainage pipes under the Fraser Highway. The City also says that it will be borrowing $15M in order to strategically purchase property for development along the route of the upcoming Surrey-Langley SkyTrain, an extension of the existing Expo Line, with the City hoping to "maximize this once-in-a-generation opportunity for residents and businesses."
Councilors have recognized this, and have since said that they're taking the budget back to the drawing board to try to reduce the tax burden. The final budget is expected to be approved by council on May 9.
Port Moody
2023 Proposed Tax Increase: 11.33%
Status: Pending Approval
In February, the City of Port Moody's proposed budget included a proposed property tax increase of 11.33%, citing inflation, rising costs of transportation, and operating expenses.
That big of an increase would make Port Moody one of the few municipalities with a tax rate increase of over 10% this year.
White Rock
2023 Proposed Tax Increase: 7.64% to 8.47%
Status: Pending Approval
The City of White Rock's proposed budget for 2023 originally included a property tax increase of 9.17%, with the City of White Rock, like many other municipalities, also citing "record-high inflation rates, which translates to higher-than-normal resources costs."
However, the budget has since been updated and the property tax increase would be 7.64% for the average single-detached home and 8.47% for the average strata condominium. Public engagement on the budget ended on Friday, and Council is expected to give the plan its first, second, and third reading on April 17, before final adoption on May 1.
Victoria
2023 Proposed Tax Increase: 6%
Status: Approved
The property tax increase for Victoria has changed numerous times already. In January, the proposed increase was originally 8.99%, before it was lowered to 6.96% by the end of February, and then finally to 6% on Friday after multiple councillors put forth various motions to adjust the rate increase.
Multiple councillors voted against lowering the rate increase, with some councillors saying that the City is behind on various promised parks, and others saying that lowering the increase would delay contributions to the City's reserve funds.
Richmond
2023 Proposed Tax Increase: 5.89%
Status: Approved
Richmond was very early with its budget deliberations, proposing and approving its 2023 budget and new property tax rate weeks before Christmas.
Richmond's tax increase will be below inflation, and the City says it includes an additional 0.65% reduction courtesy of Council approving to use the City's rate stabilization account to offset budgetary pressures.
Coquitlam
2023 Proposed Tax Increase: 5.48%
Status: Approved
Port Moody residents may feel particularly bitter about their (potential) property tax increase in part because of how it compares to their neighbours in Coquitlam, who will only see a modest 5.48% property tax rate increase.
The City of Coquitlam also says the need for a substantial increase is outside of their control, saying that inflation added about 4% to all of the City's expenditures, but notes that the City continues to maximize non-tax revenue streams, such as development fees, in order to reduce the burden on taxpayers and use development to pay for growth-related costs.
Delta
2023 Proposed Tax Increase: 4.9%
Status: Approved
Delta also got to work early on its 2023 budget, approving its financial plan and new tax rate by early December, with a modest increase of just 4.9%.
In December, Mayor of Delta George Harvie was also elected as the Chair of Metro Vancouver's Board of Directors and has said that one of his top priorities is to form a regional task force to examine rising costs across Metro Vancouver.
Burnaby
2023 Property Tax Increase: 3.99%
Status: Approved
Burnaby is the third-largest municipality in Metro Vancouver and is a hotbed of development, particularly around the Brentwood and Metrotown neighbourhoods. With larger cities tending to have lower property tax rates, residents here will only see a minor 3.99% increase this year -- one of the smallest in the province. The City notes that the increase is even lower than the inflation that was seen in 2022, and is primarily the result of costs for water and sewer services passed down by Metro Vancouver, the federation of municipalities.
"Actual increase in costs passed along to the City of Burnaby by Metro Vancouver were 2.8% for water services and 7.6% for sewer services," the City said in its 2023-2027 Financial Plan, which was approved by Council on February 27. "The City is managing the rate increase through the use of reserves, to provide relief to taxpayers."
