Vancouver Draft Budget Proposes 5.5% Property Tax Increase
The City of Vancouver has released its draft budget for 2022, proposing a 5.5% increase in property taxes. This proposed increase is higher than the 4.5% increase that was initially projected in the city’s five-year financial plan.
According to the draft budget, the proposed increase would generate an additional $57 million in revenue for the city. This revenue would be used to fund various initiatives, including affordable housing, climate action, and public safety.
The proposed budget also includes a 2% increase in utility fees, which would generate an additional $6.5 million in revenue. This increase is in line with the city’s long-term financial plan to gradually increase utility fees to cover the cost of maintaining and upgrading infrastructure.
City officials have stated that the proposed tax increase is necessary to address the growing needs of the city and maintain the level of services that residents expect. They also noted that the COVID-19 pandemic has had a significant impact on the city’s finances, with a projected revenue loss of $189 million over the next three years.
The draft budget also includes a $30 million investment in affordable housing, which is a key priority for the city. This investment would go towards building new affordable housing units and providing rent subsidies for low-income residents.
In addition, the budget proposes a $10 million investment in climate action initiatives, such as expanding the city’s electric vehicle charging infrastructure and implementing energy-efficient building standards.
The proposed budget also includes a $5 million increase in funding for public safety, which would go towards hiring more police officers and firefighters, as well as investing in community safety programs.
City officials have emphasized that the draft budget is still subject to change and that they are open to feedback from residents. A series of public consultations will be held in the coming weeks to gather input from the community before the budget is finalized.
If approved, the proposed 5.5% property tax increase would mean an additional $116 for the average homeowner in Vancouver. The final budget is expected to be presented to city council for approval in December.
In conclusion, the City of Vancouver’s draft budget for 2022 proposes a 5.5% property tax increase, along with increases in utility fees and investments in affordable housing, climate action, and public safety. City officials have stated that this increase is necessary to address the city’s growing needs and maintain the level of services for residents. The budget is still subject to change and public input will be considered before it is finalized.
