Special Council
September 10, 2026 · 11:00 am
Summary
- 2027 Real Property Tax Interest on Arrears Bylaw: Council enacted the annual bylaw setting the interest rate on overdue property taxes at prime plus 4%, consistent with practice of over 25 years. Staff noted roughly $100 million in cumulative arrears across all property types, generating about $5–7 million in interest annually. The number of properties in arrears has been increasing, in line with trends seen in other municipalities.
Motions
Enact 2027 Tax Interest By-law
Carried Details
- Sets the interest rate on unpaid property taxes at prime plus 4% for 2027, intended to incentivize timely payment over other borrowing options.
- Approximately $100 million in cumulative arrears currently outstanding across all property types and years; interest collected averages around $5 million annually, reaching $7.2 million last year.
- The number of properties falling into arrears is rising, consistent with broader economic trends reported by other BC municipalities.
- Staff noted the city collects property taxes on behalf of the province and regional taxing authorities, not just for its own revenue.
- Councillor Lucy Maloney asked about the residential versus commercial breakdown of arrears; staff did not have that data available at the meeting.
- Properties that remain in arrears for a number of years can ultimately be sold to recover unpaid taxes.
Agenda documents (2)
ROLL CALL
1. 2027 Real Property Tax Interest on Arrears
Vote matrix
| 1 | 2 | |
|---|---|---|
| Ken Sim🥜 | Y | Y |
| Lisa Dominato🥜 | Y | Y |
| Pete Fry🥜 | Y | Y |
| Sarah Kirby-Yung🥜 | Y | Y |
| Mike Klassen🥜 | Y | Y |
| Lucy Maloney🥜 | Y | Y |
| Peter Meiszner🥜 | Y | Y |
| Brian Montague🥜 | Y | Y |
| Sean Orr🥜 | Y | Y |
| Lenny Zhou🥜 | Y | Y |
| Rebecca Bligh🥜 |