Analysis of Assessment Values, Tax Burden Distribution, and Bylaw 10653 Adoption
The Finance Committee reviewed and approved Bylaw No. 10653, setting the 2025 annual property tax rates for Richmond. The bylaw incorporates a 5.86% tax increase, aligned with the approved 2025 Operating Budget. The report details an analysis of assessment value changes across property classes, noting modest increases in residential properties (1.7%) and significant changes in other classes (e.g., -9.2% for Major Industry, -5% for Light Industry). New growth contributed approximately $1.13B to the total assessment value. Tax burden analysis shows the residential class constitutes 57.39% of the total municipal tax burden, while the business/other class accounts for 32.42%. Comparisons with other Metro Vancouver municipalities were also presented, demonstrating Richmond’s residential and business tax burdens remain competitive. The bylaw was introduced, given first, second, and third readings, and subsequently adopted.