Vancouver homeowners face 8% tax increase
Vancouver residential property owners will be paying almost eight per cent more in property tax this coming year after the city council approved the hike on Tuesday afternoon.
The tax increase means the average homeowner will be forking out an extra $121 this coming year.
Still, it could have been worse. City council had been considering an increase of almost 10 per cent, but staff managed to trim $42 million from the proposed budget.
Businesses will get a break, as taxes for commercial properties are rising just under four per cent, as part of plan to shift more of the tax burden to residential property owners.
Coun. Ellen Woodsworth blamed the size of the residential increase on the previous council.
"We did have a huge backloading of policing costs and other costs," said Woodsworth.
Coun. Raymond Louie warned more increases will be coming unless the city gets spending under control.
"In 2010 and 2011, we will come under additional pressures again, unless we make significant adjustments," said Louie.