City of Surrey's 2021 - 2025 Financial Plan

MAJOR REVENUE SOURCES

2020 Assessment Roll and Taxation Comparison

Source: City of Surrey Finance Department

The charts above represent assessment values and property taxes, including taxation from other authorities such as the Provincial government, Metro Vancouver Regional District, and TransLink among others. Assessed values are divided by 1,000 and then multiplied by the applicable tax rate to determine the annual tax levy. As shown, residential assessment values represent approximately 85.0% of total assessment value in the City but represent only 71.0% of the total property taxes paid for 2020. The change from the 66.6% for 2019 taxation represented by residential is attributed to the B.C. government’s COVID-19 relief program that reduced School Tax property tax rates for businesses by 50% and by 25% for Industrial properties. This resulted in the shift of taxation burden illustrated by the increased percentage for residential properties and the decreased percentages for both business and industrial properties.

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

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