On January 22, 2019, Council approved a draft proposed net budget increase of $2.26 million with an estimated tax rate increase of 5.55%. An average family home would see a $124 ($2.38 per week) increase in their property taxes for 2019. Here’s what it would cost an average* household to run the City in 2019:
|* The average property assessment for a Port Moody home is $1,006,000 in 2019
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 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, where there is a growing number of people of all ages active in the community.
Population Diversity, which means looking at a wider scope of services than traditionally provided.
Proposed 2019 Capital Projects
Budget Fast Facts
- A tax increase of 1% = $22 increase to the average $1,006,000 household (a higher-valued household will have a higher increase).
- A tax increase of 1% generates $407,000 annually in tax revenue.
- 2019 proposed tax increase of 5.55% would generate approximately $2,259,700 in new tax dollars.
- 2019 proposed tax increase of 5.55% = $124 to the average household. This is approximately $10.33/month or $2.38/week.
- 2019 utility increase of 4.18% = $50 to the average single-family household. This is approximately $4.17/month or $0.96/week.
- Get an in-depth look at our budget process by downloading our 2019 Budget Booklet.
The 2018 Port Moody Citizen Survey results determined:
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.