2018 Budget & Taxes
Every year as part of the budget process, choices must be made so that unavoidable cost increases are balanced with a tax rate that is affordable.
After first considering all non-taxation sources of revenue and identifying opportunities for operational efficiencies, financial services staff proposed, and Council approved, an increase of 2.09 per cent to our operating budget.
This year, the District will further build the asset reserve via Council’s approved asset levy increase of 1.56 per cent. We continue to manage an asset investment gap, which has been the result of not funding required maintenance in past years.
This marks the third year of addressing asset maintenance through an asset levy. This is critical if we are to maintain our infrastructure, which includes everything from transportation infrastructure to parks to IT infrastructure to community centres to water and sewer lines.
We have a long-term plan to close the infrastructure gap, a plan to be fiscally responsible for West Vancouver today and for future generations.
Thank you for attending and sharing feedback at the Budget Information Meetings, held on January 15 (6–8 p.m.) and January 17 (2–4 p.m. and 6:30–8:30 p.m.)
2018 Assessments for residential properties in West Vancouver increased by an average of 1.12%.
Assessment increases do not produce the overall increase in municipal taxes. If there is no tax rate increase approved by Council, then the municipality collects the same amount in property taxes overall as in the previous year.
Assessment increases do cause property taxes to shift, that is, to move off of some properties and on to others.
The change in individual property assessments relative to the average will determine whether individual property owners pay more, less, or the same amount of tax as in the previous year.
- If an individual single property assessment changes by the average assessment change of 1.12% — individual property tax will not be impacted by the assessment change
- If an individual property assessment changes by less than the average assessment change of 1.12% — the change in assessment will cause taxes to shift off of the property, likely resulting in a decrease in taxes from the prior year.
- If an individual property assessment changes by more than the average assessment change of 1.12% — the change in assessment will cause taxes to shift on to the property, likely resulting in an increase in taxes from the prior year.
The link below navigates to a GIS map which illustrates the assessment changes for West Vancouver residential properties.
Hovering over a specific property will show the percentage change in assessment from the previous year.