City of Surrey's 2024-2028 Financial Plan

MAJOR REVENUE SOURCES

General Operating Revenue ($ millions) 2024 Budget

2023 Budget

2023 Actual

Municipal General Taxation

$ 543.1

$ 507.9

$ 517.4

Sales of Goods and Services

93.2 70.6 57.7 62.8

80.5 57.3 30.6 57.3

94.1 78.3 59.1 76.0

Investment Income

Transfers from Other Government

Other Total

$ 827.5

$ 733.7

$ 824.9

PROPERTY TAXES Surrey has four major sources of revenue, the most significant of which is property taxes. Property tax revenues received from the ten largest properties in the City amounted to two percent of the City's annual gross taxation revenues. As in prior years, Surrey has enacted general tax increases to fund increasing general operating costs. For 2023, the City budgeted an increase to the annual general property tax rate of approximately $286 for the average assessed single family dwelling. Individual property taxes are calculated based on the assessed value of the property. In 2023, as per BC assessment, the average single family dwelling was assessed at approximately $1,736,132. Additionally, assessment growth from new development was 1.7%. In 2023, Surrey generated approximately 33.9% of its general property tax revenue from business and industry. Surrey's 2023 business, light industrial, and major industrial tax rates compare favourably to neighbouring municipalities. Surrey's tax rates are among one of the lowest in the region, providing a climate conducive to attracting new commercial and industrial ventures.

2023 Tax Rates (per $1,000 assessed value) Burnaby Coquitlam New Westminster Delta Langley Township Surrey

$25

$20

$15

$10

$5

$0

Residential

Major Industry

Light Industry

Business

Source: City of Surrey Finance Department

City of Surrey | 2024—2028 Financial Plan | Financial Overview

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