Richmond property owners could be paying 5.88 per cent more in taxes in 2023, which works out to an average of $115 more per household than in 2022.
This is a two per cent higher increase than in 2022.
Richmond city council will look at its 2023 budget and proposed property tax increases at its Dec. 5 finance committee meeting.
The 5.88 per cent increase will mean the city’s budget rises by about $15.8 million.
One of the big drivers of the increase is the recently unionized RCMP contract. RCMP costs are expected to go up more than seven per cent in 2023, which translates to about $3.7 million.
To keep the tax increase to 5.88 per cent, city staff recommend using $1.7 million from the Rate Stabilization Fund to lower the increase by 0.65 per cent.
Of all taxes collected, 39 per cent goes to RCMP and Richmond Fire-Rescue while 12 per cent goes to maintaining city-owned facilities.
In 2022, the tax increase for Richmond homeowners was 3.86 per cent.
