Port Moody council has passed a property tax increase of 6.9 per cent for 2024.
That means the average household in the city with an assessed value of $1.27 million will pay about $189 more for property tax this year.
However, the boost is almost 1.5 per cent lower than originally proposed when councillors began their budget deliberations in February.
Port Moody’s hike compares to an 8.92 per cent increase for homeowners in Coquitlam and a 5.58 per cent raise in Port Coquitlam.
Budget savings were realized from pension expenses that were about $100,000 lower than expected and a trim of about $126,000 from the police budget.
As well, the city will roll its annual community fair into the planned return of its Car Free Day festival, saving another $14,000.
Paul Rockwood, Port Moody’s general manager of finance and technology, told council on Tuesday, April 23, the city also anticipates more revenue from business licenses, registration for recreation programs and the collection of municipal fines.
Additionally, new development will bring about $206,000 in growth revenue, another $125,000 from higher interest rates and $50,000 from properties the city leases with profit sharing provisions.
Property taxes will be due July 2, with a five per cent penalty assessed after that date. A second five per cent penalty will be added to outstanding tax bills after Sept. 16.
Council will formally adopt the new tax rate bylaw at its next regular public meeting, scheduled on May 14.
