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lets talk taxes

Port Moody’s annual five-year financial planning process is a major undertaking, and the results impact every resident and business in the city. Mayor and Council want to hear what you think about the proposed budget. Hear about our budget process first hand at a Town Hall Meeting, and get an in-depth look at our budget process through our 2018 Budget Booklet.    


2018 Budget Public Consultation

We'd like to thank everyone who joined us either in person or online for our 2018 Budget Town Hall meeting held January 30. We had a lot of great questions and comments.

We'd also like to thank everyone who took the time to give us their input on our online feedback form.

If you follow the links in the table below you can view all related budget materials  and presentation, watch a recording of the Budget Town Hall meeting. 

 Can’t make the presentation? Here’s how you can get involved: 

streamingicon Watch a recording of our Budget Town Hall Meeting
twittericon Tweet us @CityofPomo
facebook  Comment on our Facebook page

 

 

2018 Property Taxes

Here’s what it would cost an average* household to run the City in 2018:

2018 Average Household Costs
 Total Average Household Cost

* The average property assessment for a Port Moody home is $927,000 in 2018


How the pie is sliced

What's driving the budget?

Typically the level, scope and breadth of the services requested by taxpayers are key budget cost drivers. Service increases are driven by:

Population GrowthPopulation Growth, which requires more assets in the form of equipment, facilities, materials, supplies and infrastructure, and more staff resources using those assets to deliver the services.

Increased Activity
Increased Activity
, where there is a growing number of people of all ages and genders active in the community.

 

 

 

Population DiversityPopulation Diversity, which means looking at a wider scope of services than traditionally provided.

 

 

Proposed 2018 Capital Projects

2018 Proposed Capital Projects 

 

 

Budget Fast Facts

  • A tax increase of 1% = $21 increase to the average $927,000 household (a higher valued household will have a higher increase).
  • A tax increase of 1% generates $386,000 annually in tax revenue.
  • 2018 proposed tax increase of 4.60% generates approximately $1,775,100 in new tax dollars.
  • 2018 proposed tax increase of 4.60% = $98 to the average household. This is approximately $8.17/month or $1.88/week.
  • 2018 utility increase of 5.18% = $59 to the average household. This is approximately $4.92/month or $1.13/week.
  • 2018 combined proposed tax & utility increase of 4.81% = $157 to the average household. This is approximately $13.08/month or $3.02/week.

 

The 2016 Port Moody Citizen Survey results determined:

Citizen Survey

 

How your taxes are calculated

 

Curious about how your property taxes are calculated and what your recent Assessment Notice means for you? This short video explains how the property tax calculation process works. 


Who determines the value of my property?
BC Assessment determines the assessed value of every property in BC (not city councils). The value is a market value based on recent sales of similar homes in your area.

If the value of my property increases, does the City automatically get extra tax revenue?
No. The same amount of tax revenue is still needed to balance the budget, regardless of changes to assessed values. When assessed values change, the tax rate is adjusted to generate the same amount of tax to pay for the approved services. Council determines the tax increase not BC Assessment.

Why is my property tax increase more than the tax increase approved by City Council?
The approved tax increase is based on the average assessed value increase in the City. Individual properties could see their tax rise more if their assessed value increased more than the average, and vice versa.
Last updated: 16/02/2018 9:14:33 AM