City of Surrey's 2022-2026 Financial Plan

MAJOR REVENUE SOURCES

2021 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 84.9% of total assessment value in the City but represent only 64.4% of the total property taxes paid for 2021. The change from the 71.0% for 2020 taxation represented by residential is attributed to the BC government’s single year COVID-19 relief program that reduced School Tax property tax rates for businesses by 50% and by 25% for industrial properties in 2020. This resulted in the shift of taxation burden illustrated by the decreased percentage for residential properties and the increased percentages for both business and industrial properties for 2021.

City of Surrey | 2022—2026 Financial Plan | Financial Overview

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