City of Vancouver approves property tax hike of 10.7 per cent – BC | 24CA News
In a shock transfer Tuesday evening at Vancouver City Hall, Council permitted the largest tax improve in additional than a decade.
The City has permitted the 2023 working finances and owners are on the hook for a ten.7 per cent improve in property taxes.
The double-digit determine is even greater than the 9.7 per cent hike that City of Vancouver employees proposed final week, forward of the primary public assembly to debate the finances Tuesday, the place it additionally handed on the identical time.
Mayor Ken Sim issuing an announcement in regards to the surprising figures.
“Vancouver has been positioned in a really difficult place, Sim mentioned in an announcement.
“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 permitted finances is $29 million greater with amendments made through the public listening to.
For Vancouver owners, the typical rental proprietor pays round $124 extra because of this, primarily based on the assessed worth of the property.
Property taxes can be round $326 extra for a single-family residence and business property house owners might pay round $549 extra in 2023.
This is a creating story, extra to return.
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