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FINANCIAL OVERVIEW
MAJOR REVENUE SOURCES
2017-2021 FINANCIAL PLAN
PROPERTY TAXES
Surrey has three major sources of revenue, the most significant of which is property
taxes. In the recent past, Surrey has enacted moderate general tax increases. To fund
increasing costs related to protective services and other City operations, the City will
increase the annual property taxes by approximately $82 along with an $18 increase in
the Roads and Traffic Safety levy for the average single family dwelling for 2017.
Individual property taxes are calculated based on the assessed value of the property. In
2016, the average single family dwelling was assessed at approximately $733,407 and
assessment growth from new development was estimated at 1.76%. The average
single family dwelling value in 2017 has risen to $1,030,900 and assessment growth
from new development is estimated at 2.1%, however, the individual property taxes will
not be available until May 2017.
In 2016, Surrey generated approximately 32.30% of its general property tax revenue
from business and industry. Surrey’s 2016 business, light industrial, and major
industrial tax
rates compare
favourably to
neighbouring
municipalities.
Surrey’s tax
rates are
among the
lowest in the
region,
providing a
climate
conducive to
attracting new
commercial
and industrial
ventures.
General Operating Revenue ($ millions) 2017 Budget
2016 Budget
2016 Actual
Taxation
$328.8
$309.6
$306.9
Departmental Revenues
$ 82.7
$ 79.4
$ 84.4
Investment Income
$ 16.5
$ 13.8
$ 13.7
Other
$ 40.6
$ 36.8
$ 42.3
Total
$468.6
$439.6
$447.3
Source: City of Surrey Property Tax Department
$0
$10
$20
$30
$40
$50
$60
Residential
Light Industry
Business
Major Industry
2016 Tax Rates
(per $1,000 assessed value)
Surrey Langley Township Delta Burnaby Coquitlam New Westminster
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