Vancouver City Council has approved its budget for 2025, including a lower than anticipated property tax hike.Homeowners will see a rise of 3.9%, 1% of which is dedicated to renewing critical infrastructure in town such as sewage and water lines."This is a win for Vancouver residents and businesses," Mayor Ken Sim said in a statement. "We are delivering on our promise to reduce the tax burden while maintaining and enhancing the services and infrastructure that make our city one of the best places in the world to live, work, and play."Earlier this year, Sim made a point of setting a cap on any increases to property tax of 5.5%. City staff managed to reduce the projected 7% increase down to 3.9%. Savings were reportedly achieved by "optimizing resources, enhancing efficiencies, and refocusing on core services," as well as utilizing dividends from the Property Endowment Fund.Over the past two years, city council has worked to strike "a delicate balance between minimizing property tax increases and making essential investments that ensure Vancouver remains a safe, healthy, and vibrant city." These include ensuring firefighters have PFAS-free gear, rolling out a body cam pilot project for the Vancouver Police Department, fully funding the VPD and fire department, hiring mental health workers, and repairing aging infrastructure."These investments are about ensuring our residents have access the essential services they depend on, while also continuing to invest in the future of Vancouver," Sim added. "I want to thank City staff for all their collaboration and incredible work on this budget, helping us strike a balance between fiscal responsibility and making Vancouver an even better place to call home."
Vancouver City Council has approved its budget for 2025, including a lower than anticipated property tax hike.Homeowners will see a rise of 3.9%, 1% of which is dedicated to renewing critical infrastructure in town such as sewage and water lines."This is a win for Vancouver residents and businesses," Mayor Ken Sim said in a statement. "We are delivering on our promise to reduce the tax burden while maintaining and enhancing the services and infrastructure that make our city one of the best places in the world to live, work, and play."Earlier this year, Sim made a point of setting a cap on any increases to property tax of 5.5%. City staff managed to reduce the projected 7% increase down to 3.9%. Savings were reportedly achieved by "optimizing resources, enhancing efficiencies, and refocusing on core services," as well as utilizing dividends from the Property Endowment Fund.Over the past two years, city council has worked to strike "a delicate balance between minimizing property tax increases and making essential investments that ensure Vancouver remains a safe, healthy, and vibrant city." These include ensuring firefighters have PFAS-free gear, rolling out a body cam pilot project for the Vancouver Police Department, fully funding the VPD and fire department, hiring mental health workers, and repairing aging infrastructure."These investments are about ensuring our residents have access the essential services they depend on, while also continuing to invest in the future of Vancouver," Sim added. "I want to thank City staff for all their collaboration and incredible work on this budget, helping us strike a balance between fiscal responsibility and making Vancouver an even better place to call home."
