Vancouver draft budget proposes 5.5% property tax increase [Video]

Post author By Curator
Post date December 5, 2024

Vancouver councillors were given the first draft of the 2025 operating budget Tuesday, a 373-page document detailing a $2.4 billion dollar budget.

A 5.5 per cent property tax increase is being proposed. That works out to an increase of about $77 for the median strata unit and $211 for the median single-family home. For businesses, the median annual increase is $403.

However, the Vancouver Police Department is asking for more funding than the draft recommends – leaving council with the option of cutting elsewhere or increasing property taxes should they decide to approve all of what the VPD is asking for. Keeping property taxes to a maximum of 5.5 per cent is something Mayor Ken Sim has identified as a priority.

The VPD is asking for a boost of $22.8 million, more than twice the amount being recommended in the report. It comes as the department reports a drop in …

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