The District of North Vancouver is proposing a tax increase of 7 percent this year, according to the draft budget released by the District.
The proposed tax increase is higher than in previous years, but the District justifies the increase as necessary to maintain service levels and address the infrastructure deficit. Of the 7 percent proposed in the draft budget, 6.5% is needed to maintain service levels and 0.5% to address the infrastructure deficit.
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“While this year’s proposed property tax increase is higher than historical norms, these cost pressures are not unique to the District. At 7.0%, the proposed tax levy increase is consistent with most in the region,” the plan notes. Taxes fund essential services such as public safety, transportation, parks and recreation, and investments in housing and infrastructure.
The District says that rising construction costs, the recent collective agreement settlement, and changes to protective services are driving the 7% property tax increase to maintain service levels. The draft budget assures that DNV remains competitive within the Metro Vancouver regional area and claims that it has maintained one of the lowest average tax increases over the last ten years.
The District’s draft Financial Plan outlines the financial means to address strategic goals: transportation and mobility challenges, housing needs, a balanced and fair economy, accelerating local actions to address climate emergency, and fostering community well-being, culture, and safety.
Over the last five years, growth-related property tax revenue has increased by approximately $650,000 per year from new development and approximately $400,000 from the redevelopment of single-family homes. Over the next five years, this revenue source is expected to increase at an average of $1.6 million per year as development continues.
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DNV says its property tax strategy promotes stability, competitiveness, and fairness and will focus on social housing, First Nations, and industrial lands to ensure that growth in these areas is balanced and existing taxpayers are not unfairly burdened.
A local resident is expressing his frustration with the increase in taxes and is critical of councillors for not doing more to curtail the tax increases.
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