The experimental program will reduce Vancouver city taxes for about 1,360 commercial and industrial properties by amounts as high as $12,000
The new, right-of-centre city council in Vancouver apparently decided to get ugly news coverage out of the way with its budget when councillors approved a property tax increase of 10.7 per cent last month. Businesses would pay another percentage-point increase on top of that.
The experimental program, possible because of a change in provincial legislation last fall, will reduce Vancouver city taxes for about 1,360 commercial and industrial properties by amounts as high as $12,000. The average reduction will be $1,800. Frances noted that the issue arose in the past couple of decades as cities tried to solve their housing-shortage problems by rezoning for higher densities along many of commercial streets. That encouraged developers to build much larger new buildings, ranging from four storeys to 30 storeys where allowed, on those arterials. But it has also meant that anyone who doesn’t redevelop is assessed based on the property values of fully built-out sites nearby.
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