2020-2024 Financial Plan
No Increase in 2020 Taxes and Extended Payment Deadline
To help residents and businesses struggling to pay their bills during the COVID-19 pandemic, City Council has voted to:
- Eliminate this year’s proposed tax increase (originally 0.48% for the average home assessed at $735,185),
- Give property owners until September 30, 2020 to pay their 2020 taxes and utilities, and
- Waive fees for non-sufficient funds.
Council has reviewed the feedback received during the public consultation for the previous proposed budget, and thanks those who participated.
The feedback will help inform Council decisions throughout the year and the planning for the 2021 budget this fall.
The city will continue to concentrate on delivering core municipal services and seeking efficiencies and savings wherever possible. To balance the budget, it will trim reduce non-essential spending and place a hold on external hiring except for critical positions.
Budgeted activities planned for 2020 will continue to be centred around Council’s priorities for 2020-2022: improving customer service, investing in infrastructure and enhancing community safety.
Despite eliminating the tax increase, service enhancements for 2020 will include:
- Additional bylaw enforcement officers,
- Department restructure to focus on community safety,
- Strategic project management,
- Enhanced emergency medical response training for firefighters, and
- Year-round weekly organics collection, which the City started earlier than planned last month.
The draft budget also includes funding for long-term infrastructure replacement, and the construction and operation of the Port Coquitlam Community Centre.
Given that construction has been considered an essential service, the city’s $24.4 million capital program for 2020 – funded through various reserve accounts and interest savings – will proceed as planned, with strict provisions in place to ensure workers are following all public health requirements.
Due to a Council decision on April 7 to eliminate the proposed 2020 tax increase, the average Port Coquitlam home assessed at $735,517 (the average of all home types) will pay the same for its 2020 municipal taxes as it did in 2019.
However, the actual amount paid by each property will depend on how it compares to the average residential assessment ($735,185), along with how much its assessed value changed from the previous year.
Please see the Property Assessment Impact section below for more information.
The average business was already going to see a tax decrease from the city’s draft financial plan, and all businesses will benefit from the provincial government’s 50% reduction in school taxes for 2020, amounting to about a 20% savings for the average business.
With the budget change, the average business will see a 0.59% decrease and light industry will see a 3.33% decrease.
Sign up for the City’s Prepayment Plan to pay next year’s tax and utility bills in easy monthly installments.
Property Assessment Impact
A property’s assessed value determines its share of taxes. Overall, Port Coquitlam residential assessments decreased an average of 8.97% from last year. However, this does not mean your property tax bill will decrease by 8.97%.
Your increase will be based on how the change in your home’s assessed value this year compared to the average change for other Port Coquitlam homes (-8.97%).
Check your assessment notice to see how much your property’s assessed value has changed.
Impact of Assessment on Your 2020 Taxes
For the average home assessed at $735,185, if your assessment:
- decreased by 8.97%, your tax increase will be 0%
- decreased by more than 8.97%, your taxes will decrease from the previous year
- decreased by less than 8.97%, your tax increase be more than 0%
Where Your Taxes and Levies Go
Your taxes and levies pay for a wide variety of important services.
Annual Budget Process
The City uses a two-year budget process to improve efficiency and facilitate long-term planning. It is renewed each year with a focus on the current year’s budget and taxes.
The budget is also part of a five-year financial plan that sets out the planned services and initiatives for the next five years, and how the City will pay for them.
Department business plans form the basis for each new budget.
Location and Mailing Address
City Hall, 1st Floor
2580 Shaughnessy Street
Port Coquitlam BC V3C 2A8
Business Hours: 8:30 am to 4:30 pm, Monday to Friday (excluding statutory holidays)