2025-2029 Surrey Financial Plan

MAJOR REVENUE SOURCES

General Operating Revenue ($ millions) 2025 Budget

2024 Budget

2024 Actual

Municipal General Taxation

$ 578.2

$ 543.1

$ 558.4

Sales of Goods and Services

98.0 62.4 76.0 68.3

93.2 70.6 57.7 62.8

99.5 93.0 93.5 86.7

Investment Income

Transfers from Other Government

Other Total

$ 882.9

$ 827.4

$ 931.1

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 less than 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 2025, the City budgeted an increase to the annual general property tax rate of approximately $77 for the average assessed single family dwelling. Individual property taxes are calculated based on the assessed value of the property. In 2024, the average single family dwelling was assessed at approximately $1,741,553 and assessment growth from new development was estimated at 1.7%. In 2024, Surrey generated approximately 34.9% of its general property tax revenue from business and industry. Surrey's 2024 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.

2024 Tax Rates (per $1,000 assessed value) Burnaby Coquitlam Delta Langley Township New Westminster

Richmond Vancouver

Surrey

$40

$35

$30

$25

$20

$15

$10

$5

$0

Residential

Major Industry

Light Industry

Business

Source: City of Surrey Finance Department

City of Surrey | 2025—2029 Financial Plan | Financial Overview

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