City of Vancouver approves property tax hike of 10.7 per cent

Posted March 1, 2023 2:34 am Updated March 1, 2023 2:36 am 1:54 Vancouver tax hike could be larger than first announced Vancouver Mayor Ken Sims says homeowners could face a tax hike increase of 10.7%, higher than what was first proposed. Aaron McArthur reports. In a surprise move Tuesday night at Vancouver City Hall, Council approved the biggest tax increase in more than a decade. The City has approved the 2023 operating budget and homeowners are on the hook for a 10.7 per cent increase in property taxes.The double-digit figure is even higher than the 9.7 per cent hike that City of Vancouver staff proposed last week, ahead of the first public meeting to discuss the budget Tuesday, where it also passed at the same time.Mayor Ken Sim issuing a statement about the shocking figures.“Vancouver has been placed in a very challenging position, Sim said in a statement. Trending Now Story continues below advertisement “In an effort to keep taxes artificially low, previous administrations chose to severely underfund public safety, road upkeep, sanitation services, and critical infrastructure maintenance for over a decade.Sim points to the decisions of the previous Council and blaming them for emptying the City’s coffers during the pandemic.“We have inherited a half-billion-dollar infrastructure deficit, and the City’s cash reserves have been almost completely depleted due to the previous Council’s spending during the pandemic.”The now approved budget is $29 million higher with amendments made during the public hearing.For Vancouver homeowners, the average condo owner will pay around $124 more as a result, based on the assessed value of the property.Property taxes will be around $326 more for a single-family home and business property owners could pay around $549 more in 2023.This is a developing story, more to come. &copy 2023 Global News, a division of Corus Entertainment Inc. Sponsored content Flyers