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City of Vancouver outlines proposed spending with 5% property tax hike in 2022

Municipal operating budget discussions for 2022 in the City of Vancouver will approach the apex in early December, with city staff holding onto the mandate from city council to keep any annual property tax increase to an average of 5%.

Based on median assessed home property values, a single-family home worth $1.7 million can expect to pay $137 more in 2022, a condominium home or strata unit worth $711,000 would pay $57 more, and a business property worth $1 million would pay $247 more. Overall, the average residential property — assessed at $1.2 million — would pay $95 more next year.

In 2021, approximately 41% of residential properties in Vancouver are single-family homes, approximately 55% are strata units, and the remaining 4% are other forms of residential housing.

It is important to emphasize that this only accounts for the City of Vancouver’s proportion of the property tax. Other property taxes are levied by utility fees, the provincial government’s school taxes, TransLink, and Metro Vancouver Regional District. Currently, the other property taxes and fees by other entities represent about 46% of the taxes and fees for a median single-family home in Vancouver.

In 2021, Vancouver had the third-highest combined municipal property tax and utility fees in Metro Vancouver for the average single-family home, reaching $5,181. This is above West Vancouver at $7,303 and White Rock at $5,316, but just below New Westminster at $5,158 and North Vancouver District at $4,936.

When property taxes collected by both the city and other taxing authorities are accounted for, Vancouver in 2021 ranked second amongst the region’s municipalities, with a rate of $8,039 — after West Vancouver at $10,860, but above North Vancouver District at $7,103 and White Rock at $7,019.

Read the article HERE

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