Burnaby City Council Confirms 3.99% Property Tax Increase for 2023
In 2023, residents and businesses in Burnaby will experience one of the lowest property tax increases compared to other municipalities in Metro Vancouver.
The Burnaby City Council has approved a 3.99% municipal property tax increase, resulting in an average increase of $74 in the total tax levy of $1,931 for a residential home valued at $1.32 million. This increase is relatively modest and is below the inflation rate of the previous year. The city government attributes the lower increase to the use of the city’s reserves to reduce the impact on taxpayers.
As a result of the 3.99% increase, the operating budget for 2023 will rise to $646.5 million, and the capital plan budget for new and improved facilities and infrastructure will reach $291.4 million.
However, the lower increase for 2023 is only temporary. The city staff estimates a need for a 7% property tax increase per year from 2024 to 2027 to cover the rising operating costs for new and expanded facilities, such as Burnaby Lake Aquatic Centre and Arena, Brentwood Community Centre, and other major projects and initiatives.
It is important to note that the Burnaby City Council has control over only the municipal portion of the property tax. Other regional and provincial authorities, such as TransLink, Metro Vancouver Regional District, BC Assessment, and the BC Municipal Finance Authority, decide and levy other portions of the property tax, which could increase between 5% and 15% in 2023.
Meanwhile, in the neighboring City of Vancouver, a 10.7% property tax increase has been approved to improve basic services and maintenance standards, hire more police officers for public safety reasons, and address a lack of reserves.
【本拿比市議會確定 2023年物業稅增加3.99%】
在2023年, 本拿比的居民和企業將會經歷一個比較低的房産稅增長。
本拿比市議會已經批准了3.99%的市政物業稅增長，使得價值132萬美元的住宅房屋的總征稅額平均增加74元，即1,931元。這增長對比前一年的通貨膨脹時期相對溫和。市政府將較低的增幅歸因於使用了城市的儲備金以減少對納稅人的影響。
這3.99%的增長，使2023年的運營預算上升到6.465億元，用於新建和改善設施和基礎設施的資本計劃預算將達到2.914億元。
然而，2023年的較低增幅只是暫時的。市府工作人員估計，從2024年到2027年，每年需要增加7%的物業稅，以支付新的和擴大的設施，如 Burnaby Lake 運動中心和競技場，Brentwood 社區中心，以及其他主要項目和營運成本上升。
同時，在鄰近的溫哥華市，已經確定了10.7%的物業稅增長，以改善基本服務和維護標准，為公共安全原因雇用更多警察，並解決儲備金不足的問題。
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