The experimental program will reduce Vancouver city taxes for about 1,360 commercial and industrial properties by amounts as high as $12,000
Vancouver is going to pilot a new property-tax-reduction program aimed at giving relief to the city’s many small businesses, arts groups and non-profits that have been hit hard by huge increasesIt’s an unusual move to address a problem that has affected many cities in B.C., as well as some in
Representatives of the Greater Vancouver Board of Trade and the arts community had asked council to delay putting it in place this year until some of the rules were fine-tuned. But councillors felt some kind of action was needed immediately. As a result, taxes for fully developed commercial properties have stayed relatively stable in Vancouver, while taxes on one- or two-storey buildings that are valued as though they have large condo buildings on them have seen huge increases.In B.C., about a dozen cities, including Victoria and Kelowna, along with many in the Lower Mainland, have been lobbying the provincial government for almost a decade to find some way to fix what everyone has acknowledged is an unfair tax situation.
The change will mean businesses that don’t get the exemption will have to pay another percentage point increase in property tax, on top of the general 10.7 per cent that council passed last week, to cover the missing revenue. All non-residential properties in Vancouver pay 43 per cent of the total $1.06-billion tax bill to the city, while residences pay 57 per cent. If one set of properties pays less, others have to pay more.
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