2026 - 2030 Surrey Financial Plan

MAJOR REVENUE SOURCES

General Operating Revenue ($ millions) 2026 Budget

2025 Budget

2025 Actual

Municipal General Taxation

$ 606.2

$ 578.2

$ 584.3

Sales of Goods and Services

107.9

98.0 62.4 76.0 68.2

121.4

Investment Income

62.7 49.3 80.1

85.7 50.4 83.8

Transfers from Other Government

Other Total

$ 906.2

$ 882.8

$ 925.6

PROPERTY TAXES Surrey has four major sources of operating revenue, the most significant of which is property taxes. Property tax revenues received from the ten largest properties in the City amounted to approximately 1.75% 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 2026, the City budgeted an increase to the annual general property tax rate of approximately $75 for the average assessed single family dwelling. Individual property taxes are calculated based on the assessed value of the property. In 2025, the average single family dwelling was assessed at approximately $1,709,547 and assessment growth from non-market change (a change in the assessment roll that is not market related, primarily new development) was estimated by BC Assessment to be 1.75%. In 2025, Surrey generated approximately 34.9% of its general property tax revenue from business and industry. Surrey's 2025 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.

Source: City of Surrey Finance Department

City of Surrey | 2026—2030 Financial Plan | Financial Overview

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