City of Surrey's 2021 - 2025 Financial Plan

MAJOR REVENUE SOURCES

2020 Budget

2020 Actual

General Operating Revenue ($ millions) 2021 Budget

Municipal General Taxation Sales of Goods and Services

$ 434.8

$ 386.5

$ 391.0

73.2 10.9 10.5 46.6

73.3 16.4 14.6 49.7

54.6 15.8 28.1 58.2

Investment Income

Transfers from Other Government

Other Total

$ 579.6

$ 540.5

$ 547.7

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 three 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 2021, the City budgeted an increase to the annual general property tax rate of approximately $60 for the average single family dwelling. Individual property taxes are calculated based on the assessed value of the property. In 2020, the average single family dwelling was assessed at approximately $1,109,084 and assessment growth from new development was estimated at 1.3%. In 2020, Surrey generated approximately 31.5% of its general property tax revenue from business and industry. Surrey’s 2020 business, light industrial, and major industrial tax rates compare favourable 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.

2020 Tax Rates (per $1,000 assessed value)

Burnaby Coquitlam New Westminster

Delta Langley Township Surrey

$35

$30

$25

$20

$15

$10

$5

$0

Residential

Major Industry

Light Industry

Business

Source: City of Surrey Finance Department

City of Surrey | 2021—2025 Financial Plan | Financial Overview

76