Vancouver City Council has approved a property tax increase of 2.9 per cent, with an additional one per cent dedicated to renewing critical infrastructure.
A statement from the city says the overall increase of 3.9 per cent is one of the lowest across the region following a 7.5 per cent increase for 2024.
City Council has approved the 2025 budget, including:
— City of Vancouver (@CityofVancouver) December 10, 2024
🚒 An operating budget totaling $2.34B
🏗️ A capital budget totaling $880M
🏘️ A 3.9% property tax increase
Learn more about the budget and progress made towards Council's strategic priorities: https://t.co/qpYLE9HxVA pic.twitter.com/YdgrwKpfb8
Mayor Ken Sim had earlier set a cap of 5.5 per cent for the 2025 increase.
Today, Vancouver City Council approved the 2025 budget, delivering a tax increase of just 2.9%, with an additional 1% dedicated to renewing critical infrastructure such as water and sewer lines.
— Mayor Ken Sim (@KenSimCity) December 10, 2024
We're investing in a stronger, safer, and more affordable city without cutting… pic.twitter.com/owtQMeSJmC
The approval came as part of the city's overall operating budget of 2.34 billion dollars next year.
