News

Tax shift hits homeowners in Richmond

Homeowners will bear more of the tax burden while businesses will get a small break, under a new proposal from the city's finance department.

Under the proposed tax scheme, residential properties will pay an average of $20 more in property tax on top of an already approved 2.95 per cent tax hike.

The total average 2011 residential tax bill will increase by $57.

Finance manager Ivy Wong says residential property tax in Richmond was the second lowest of five other comparable Metro Vancouver municipalities last year. In her report, she also noted the city's goal of keeping the business tax rate competitive.

The proposal still requires formal council approval. Property taxes are due on July 4.

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