City councillors in Surrey, B.C. approved a revised operating budget that would result in a 12.5% increase in property tax for taxpayers. The initial proposed budget included a much larger increase of 17.5%, with 9.5% of that intended to cover costs related to the city’s move to a municipal police force. However, in March, Mayor Brenda Locke announced plans to use $89.9 million in one-time infrastructure funding from the provincial Growing Communities Fund to help offset some of the increase. The revised tax hike of 12.5% includes 4.5% to address a policing shortfall, 7% for new resources and inflation, and a 1% increase for road levies.
Property taxes are a vital source of revenue for the city, as they help fund essential services such as police and fire protection, waste management, and public infrastructure.
The amount of property tax that an individual or business must pay in Surrey is determined by the assessed value of their property, as determined by the British Columbia Assessment Authority. The city then applies a tax rate to the assessed value of the property to arrive at the amount of property tax owed.
Surrey’s property tax rates are set annually by the city council, and they can vary depending on a number of factors. For example, residential properties are taxed at a lower rate than commercial properties, and properties located in certain areas of the city may be subject to additional taxes or levies.
In addition to property taxes, Surrey also charges a number of other fees and charges related to real estate, such as development and building permit fees, utility charges, and special levies for infrastructure improvements.
It is important for property owners in Surrey to understand their property tax obligations and to pay their taxes on time to avoid penalties and interest charges. The city offers several options for paying property taxes, including online payments, pre-authorized payments, and payments in person at city hall.
Overall, property taxes are an essential part of funding the services and infrastructure that make Surrey a vibrant and livable city. By understanding and fulfilling their tax obligations, property owners can help ensure the continued growth and success of their community