Technology: City of Vancouver considering biggest property tax increase in over a decade - - PressFrom - Canada
  •   
  •   
  •   

Technology City of Vancouver considering biggest property tax increase in over a decade

11:45  26 november  2019
11:45  26 november  2019 Source:   cbc.ca

How high is too high? Vancouver's property tax dilemma

  How high is too high? Vancouver's property tax dilemma If the City of Vancouver's proposed 2020 budget is approved, homeowners can expect an 8.2 per cent for property tax hike — 9.3 per cent when factoring next year's increase in utility fees.If the City of Vancouver's proposed 2020 budget is approved, homeowners can expect an 8.2 per cent property tax hike — 9.3 per cent when factoring next year's increase in utility fees.

Vancouver council is considering a 4.9 per cent property tax increase for 2019, the largest in a decade . She wants the city to explore a land value tax , which would take some of the profit when people sell properties that have increased in value due to municipal zoning changes or other local

< Vancouver residents and businesses are facing a 6.3-per-cent property - tax hike – a hefty increase that is He also argued that most of the increase involves factors over which the city has no control, including inflation (2 per cent), the province’s new employer health tax (2 per cent) and increases in

a statue of a person: The proposed City of Vancouver budget for 2020 contains just over $2 billion in spending. © Peter Scobie/CBC The proposed City of Vancouver budget for 2020 contains just over $2 billion in spending. If you own property in Vancouver, your tax bill could be going up significantly in 2020.

The City of Vancouver released its draft budget on Monday with a proposed 8.2 per cent property tax increase for the next year, by far the largest increase in more than a decade.

That would be on top of increased regional tax levies already approved by Metro Vancouver for utility services like water and waste services.

If council passes the city budget as proposed, it would mean an estimated increase of $354 for the City of Vancouver's portion of the property tax bill on the median single-family home, from $3,809 to $4,163.

Commercial property taxes a heavy burden on small business in Canada's biggest cities

  Commercial property taxes a heavy burden on small business in Canada's biggest cities Imbalances in how commercial and residential taxes are being applied in Canada’s big cities are making it harder for small businesses to stay afloat, a new report by Altus Group suggests.  “Residents vote, businesses don’t,” said Phil Gertsman, an executive vice-president, British Columbia and national initiatives, with the real estate data company. He said political decisions on tax rates seem to reflect that saying.

Vancouver 's new mayor and council, considering proposed .5 billion operating budget for 2019, heard from dozens of speakers Tuesday. As in previous years, business properties would see the biggest increase under the proposed budget, with estimated City of Vancouver taxes for a median

Property tax rate over the past three years. We provide land assessment averaging to give temporary relief to property owners by phasing in tax increases over time.

Council is expected to vote on the budget by the end of the year and may propose amendments to reduce the tax increase — as they did last year — when a proposed 4.9 per cent increase was eventually reduced to 4.5 per cent.

A special meeting is scheduled on Dec. 3 for members of the public to speak to council about the budget.

Why the big increase?

Overall, Vancouver's operating budget is proposed to increase by 7.3 per cent next year, from approximately $1.5 billion in expenses to $1.6 billion.

According to staff, about half of that increase is due to fixed costs to maintain existing service levels, including wages, energy costs and maintenance.

But half of the increased expenses are due to either new investments the city says is "required to ... fill gaps in service deliver and to address risks" or based on new projects council voted for in the last year.

What a Liberal minority government means to Vancouver real estate

  What a Liberal minority government means to Vancouver real estate Now that the election is over, many people are wondering what a Liberal minority government means for the Lower Mainland real estate market. Under the First Time Home Buyers Incentive (FTHBI), the Liberals will be increasing the upper limit for eligible homes from $480,000 to $789,000.  With the FTHBI, home buyers receive between five and 10 per cent of the purchase price as an "incentive." This is not a "gift" as it isn't free money — the government will have an equity stake in the buyer's home.This program will appeal to many, but if I were a first-time home buyer I would avoid it if possible.

City hall is looking at the likelihood of increasing the empty homes tax . The tax is currently one percent of the property ’s assessed value. In last year’s election campaign, now Vancouver Mayor Kennedy Stewart promised to triple the empty homes tax . As mayor, Stewart successfully introduced

Thousands of Vancouver homeowners deferred paying property taxes in 2016, a 30 per cent increase from last year. The tax loan does not need to be repaid until the property is sold or ownership is transferred, meaning homeowners can delay paying taxes for decades as long as their

Examples include:

  • $8.2 million for police and fire departments, including 25 more police officers and 30 firefighters.
  • $6.8 million to "accelerate action on climate change," including tree planting and funding to support more zero emission buildings in the city.
  • $4.1 million for affordable housing policies, including a new Tenant Relocation and Protection Policy, and money to "support the City's ongoing work on homelessness."
  • $2.5 million for more street cleaning services and improving park board services.

The city is also proposing a 22 per cent increase in its capital expenditure budget next year, from $575 to $702 million.

'We're playing catchup'

The final budget could see property taxes set higher or lower than the current proposal, if councillors vote in favour of amendments before it is passed.

But Coun. Adriane Carr said she believes the increase is reasonable, given how most of it is based on fixed costs or motions passed by council over the past year.

"There's new council priorities. For me, budgets are all about delivering service that the people want. And if you're delivering that, I think people are happy," she said.

Regardless of any amendments, it seems likely the budget will see a fourth straight year where Vancouver's average property tax increase will be higher than the year before.

But Carr said it was necessary, arguing the previous Vision Vancouver-dominated council failed to make necessary climate change and affordable housing investments while in power.

"If we had done that over the last 10 years, I don't think the increase would have been anywhere near as large this year," she said.

"We're playing catchup."

Vancouver’s empty homes tax should stay at 1% to ensure it’s still being paid: staff .
The staff report does recommend further exempting homes under renovation for a majority of the year while extending the complaint process to 90 days.While the report, which will be presented to city council on Tuesday, said further exemptions for second homes should not go ahead, staff do recommend further exemptions to homes under renovation.

—   Share news in the SOC. Networks

Topical videos:

usr: 0
This is interesting!