Vancouver proposes budget with 8.2 per cent property tax increase

Vancouver homeowners will be hit by an 8.2 per cent property tax hike next year if city council approves its $1.6 billion 2020 draft budget.The tax increase, which would be the city’s biggest in more than a decade, would amount to an additional $211 on a median residential home assessed at $1.755 million and an additional $270 on a median business property assessed at $976,000.  Along with an 8.2 per cent property tax increase, the 2020 draft budget also includes a combined 9.4 per cent increase in service fees for water, sewer and solid waste. For a median single-family home that would mean a combined 9.3 per cent hike over 2019 levels.According to city data, a median single-family home would pay $4,163 in combined taxes and fees in 2020, an increase of $354 over 2019. The average business will spend $5,682 in combined taxes and fees, a jump of $406 from 2019.Property taxes are tied to assessed property value, which is set by B.C. Assessment. Vancouver homeowners will be hit by an 8.2 per cent property tax hike next year if city council approves its $1.6 billion 2020 draft budget.  The tax increase, which would be the city’s biggest in more than a decade, would amount to an additional $211 on a median residential home assessed at $1.755 million and an additional $270 on a median business property assessed at $976,000. Along with an 8.2 per cent property tax increase, the 2020 draft budget also includes a combined 9.4 per cent increase in service fees for water, sewer and solid waste. For a median single-family home that would mean a combined 9.3 per cent hike over 2019 levels. According to city data, a median single-family home would pay $4,163 in combined taxes and fees in 2020, an increase of $354 over 2019. The average business will spend $5,682 in combined taxes and fees, a jump of $406 from 2019. Property taxes are tied to assessed property value, which is set by B.C. Assessment.

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