Delta residents will be seeing their property tax increase by almost two per cent, thanks to the five-year financial plan that was given third reading by council on Monday (Feb. 5).
The new property tax rate includes a 0.75 per cent increase to help maintain city services, a 0.4 per cent increase for the civic building program and a 0.8 per cent increase for the neighbourhood road improvements plan.
For the average homeowner in Delta with a house assessed at $946,000, that will be mean a $45 increase in property tax. Combined with the approved flat rate utilities fee increase, that will be a total of $70 for 2018.
The 1.95 per cent property tax increase for 2018 should be one of the lower tax increases in Metro Vancouver this year, manager of budgets and taxation Vivien Koo said during the Feb. 5 council meeting.
Although not every Metro Vancouver municipality has voted on their property tax increases, she said Coquitlam will be seeing a 2.4 per cent increase, Langley Township a 2.5 per cent increase, Richmond a 3.3 per cent increase and Vancouver a 4.3 per cent increase.
Property taxes are a major source of income for the city, making up around half of its yearly revenue.
Development cost charges and developer contributed assets are playing a bigger part in the 2018 financial plan compared to 2017, with numbers going up 720 per cent and 105 per cent respectively.
This revenue will go towards the $208 million operating budget, as well at the $120 capital projects budget.
Although $85 million of this will be going to new projects, $35 million will go towards finishing existing projects such as the North Delta Arts Centre, synthetic turf field replacements, the Boundary Bay Airport fire hall and training facility, and the Delta Cultural Centre.