A last-minute property tax increase was approved as part of the City of Vancouver’s 2018 budget on Tuesday.
An increase of 3.9% had originally been put forth, but on Tuesday, council also approved an additional tax increase of 0.34% increase, bringing the total increase for 2018 to 4.24%
The additional 0.34% was proposed by Councillor Raymond Louie.
In approving the budget, the city said the additional 0.34% was to help fund the implementation of the Council-approved Housing Vancouver strategy, as well as support for priority actions regarding Historical Discrimination Against Chinese People in Vancouver, including the Chinatown UNESCO bid.
In total, the city has approved a $1.407 billion operating budget and $426.4 million capital budget for 2018.
Broken down by household, this means that the total property tax increase for a median single family home (assessed at $1.823 million) amounts to an extra $94 per year and $32 per year for a median strata unit (assessed at $609,000).
Other key budget items include:
Vancouver Mayor Gregor Robertson said he is pleased with how things played out.
“This year’s budget maintains the essential services that residents and businesses rely on in their day-to-day lives, while also expanding investments to address our city’s changing needs,” he said. “These investments will ensure that we improve Vancouver’s livability for all of our residents.”