10% property tax hike in 2023 possible as City of Vancouver's expenses grow | Urbanized

10% property tax hike in 2023 possible as City of Vancouver's expenses grow | Urbanized

There is immense uncertainty with the City of Vancouver’s financial situation over the coming years to the extent that substantial consecutive hikes to its property tax would be needed to make up for the shortfall. Simply put, the expenses of the municipal government are beginning to really pile up, and they are creeping upwards at a pace that is faster than revenue growth. A growing proportion of the costs are the result of expensive initiatives that are the byproduct of dozens of motions put forward and approved by the current Vancouver City Council. Other costs are deemed “uncontrollable,” such as union-mandated agreements for wage increases in the city’s workforce, and the growing costs to replace ageing critical water and sewage infrastructure. You might also like: - City of Vancouver outlines …
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