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What is the property tax increase in Burnaby, BC, this year?

Burnaby property owners may face a 4.5% tax increase in 2024, according to the proposed budget. The increase is part of a $1.04-billion budget, with $18.7 million generated from the tax hike. The increase is attributed to rising costs in collective agreements, employee benefits, and inflationary impacts. The proposed increase is lower than the original staff recommendation of 8.44%. The budget also includes capital projects funded through reserves, and a projected property tax increase of 7% for 2025-2028. Public feedback on the financial plan is encouraged until December 8th.

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