City of Surrey 2020-2024 Financial Plan

FINANCIAL OVERVIEW MAJOR REVENUE SOURCES

General Operating Revenue ($ millions) 2020 Budget

2019 Budget

2019 Actual

Taxation

$386.4 $ 90.5 $ 16.5 $ 47.1 $540.5

$364.5 $ 87.7 $ 17.6 $ 44.4 $514.2

$368.6 $103.4 $ 23.1 $ 47.5 $542.6

Departmental Revenues

Investment Income

Other

Total

PROPERTY TAXES Surrey has three 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 five 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 2020, the City budgeted an increase to the annual property taxes of approximately $59 for the average single family dwelling. Individual property taxes are calculated based on the assessed value of the property. In 2019, the average single family dwelling was assessed at approximately $1,154,131 and assessment growth from new development was estimated at 2.11%. In 2019, Surrey generated approximately 30.7% of its general property tax revenue from business and industry. Surrey’s 2019 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

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