2024 proposed budget breakdown

How much is the City proposing to collect?

In 2024, the City is proposing to collect $59,143,000 – approximately $5,368,000 more than last year – in property taxes from residents and businesses to balance the budget. The proposed tax rate increase for the average household is 8.37 per cent. This means in 2024 the average household would see an increase of approximately $224 for the year – that’s $4.31 per week or $0.61 per day. “Average household” refers to a Port Moody residential property assessed by BC Assessment at the preliminary 2024 average amount of $1,248,000.

Why is the City proposing to collect more than last year?

The City is proposing to collect more in property taxes this year to cover rising costs related to factors such as: inflation; labour costs including salaries and wages; employee benefits; insurance; public safety resources (i.e. three new positions: two firefighters and one police training sergeant); implementation of the City’s Climate Action Plan; replacement of existing critical infrastructure, amenities, and facilities; and increased demand for City services.

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