The City of Burnaby is considering a 2.5 per cent increase in property taxes for 2019.
City staff have recommended the increase to cover the city’s $271 million operating budget, including paying the salaries of 20 new cops at the Burnaby RCMP.
But a 2.5 per cent increase in property taxes doesn’t mean every owner will be paying exactly that much more than last year. Only homeowners whose property assessments rose by the citywide average of 2.2 per cent will see a 2.5 per cent jump in their tax bill, Coun. Sav Dhaliwal explained at a recent council meeting.
If your property’s value rose more than 2.2 per cent, your property taxes will increase by more than 2.5 per cent, he said.
“That’s how this antiquated property assessment system works,” Dhaliwal said. “We can’t do very much about that.”
According to Dhaliwal, the proposed increase, which is expected to be finalized by council in May, is a “very reasonable change,” especially when compared to other municipalities in the region.
Vancouver has already approved a 4.5-per-cent increase for 2019. New Westminster approved a 5.28-per-cent jump. In Coquitlam, property owners are facing a 2.9-per-cent increase.
Coun. Pietro Calendino said he thought Burnaby’s 2.5-per-cent increase was “very modest” and “palatable.”
Coun. Paul McDonell said the city is able to keep its property taxes relatively low thanks to its massive $1.7 billion reserves that have grown from density bonuses paid by developers. That money pays for capital projects such as new ice rinks, pools and park improvements, leaving tax payers off the hook, he said.
