It’s that time of year when some Delta homeowners are angered at what they see after opening their annual property tax bill.
Council earlier this month gave approval for a 4.9 per cent property tax increase.
For an average residential home with a change in value in line with the overall Delta average, the increase in 2023 property taxes is approximately $126. That amount is the municipal portion of the property tax bill only and doesn’t include what other taxing authorities charge and is collected by the city.
Combined with a $71 increase in the 2023 flat rate utility fees, the overall increase in Delta charges for an average residence is $197.
However, municipal officials every year point out that if someone’s home increased in assessed value more than the average, they will be paying more than that average tax increase.
Another thing to consider is that the latest city property tax increase is based on assessed values as of July 1, 2022, but prices have slid since that time. The latest assessed values of homes may not be in line with the current real estate market.
Meanwhile, council recently received a report on the city’s 2022 audited financial statements, which noted Delta maintained a strong financial position at the end of December 2022.
The report also says the city’s reserves and surplus totalled $194 million. Staff said that much of that money is restricted including funding set aside for a specific purpose, including towards the completion of current capital projects.
