Abbotsford – Council authorized a lower than anticipated property tax rate on Monday for the 2019 budget as part of the 2019-2023 Financial Plan.
When the five-year financial plan was presented in February 2019, Council approved a tax revenue increase of 2.98% for 2019. In light of additional revenue generated from new growth (or non-market change), Council has now approved a reduced tax revenue increase of 2.88%.
This moderate increase above inflation will address the increased costs associated with the new Employer Health Tax (EHT) levied by the provincial government as well as provide increased resources for building inspections, bylaws, and information technology.
Abbotsford’s property tax rate continues to be one of the lowest in Canada.
FYI:
Section 197 of the Community Charter prescribes the setting of the annual property tax bylaw and empowers Council to establish separate rates for each property class. In accordance with the Community Charter, a municipality must adopt its property tax rate bylaw annually before May 15th. The Community Charter further requires that before adopting the annual property tax rate bylaw, Council must consider the tax rates proposed for each property class in conjunction with the objectives and policies set out in the City’s five-year financial plan bylaw, specifically the distribution of property taxes among the property classes.
Links:
Abbotsford City Budget is here.
Zoocasa Report on Property Taxes in Canada -Click Here for info.
