2025 proposed budget breakdown

How much is the City proposing to collect?

In 2025, the City is proposing to collect $63,935,000, approximately $4,976,000 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 currently being proposed by staff at 8.52 per cent. This means in 2025 the average household would see an increase of approximately $248 for the year – that’s $4.77 per week or $0.68 per day. “Average household” refers to a Port Moody residential property assessed by BC Assessment at the preliminary 2024 average amount of $1,270,000. The increase for each individual household will depend on the value of your household and your change in assessed value relative to the average change in assessed value for all other households.

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: labour costs including salaries and wages; employee benefits; insurance; implementation of the City’s Climate Action Plan; and replacement of existing critical infrastructure, amenities, and facilities.

Click the image below to view a larger version.