•   
  •   
  •   

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

Metro Vancouver housing prices head south, as prices nationally head north

  Metro Vancouver housing prices head south, as prices nationally head north Housing prices in Greater Vancouver are falling, according to the latest Royal LePage survey. The house price survey, released Thursday, showed a 5.2 per cent drop in prices for housing in the region — comparing July, August and September of 2019 with the same three months in 2018. Breaking the prices down into suburb and housing type, Royal LePage found the only winners were owners of Langley condos and two-storey detached homes in North Vancouver. Langley condos went up 2.2 per cent, while North Vancouver two-storey homes went up 0.4 per cent. The big losers were owners of condos in West Vancouver, who saw the median value of their properties fall 16.8 per cent to $1.

The proposed City of Vancouver budget for 2020 contains just over billion in spending. 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 .

City of Vancouver considering biggest property tax increase in over a decade . An 8.2 per cent tax hike would have meant an estimated increase of 4 for the City of Vancouver 's portion of the property tax bill on the median single-family home, from ,809 to ,163, once utilities were

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.

Vancouver to ban fireworks but will still allow them for some cultural events

  Vancouver to ban fireworks but will still allow them for some cultural events VANCOUVER — A ban on the sale and use of consumer fireworks could be in place across Vancouver by 2021. City councillors voted Tuesday in favour of a motion to prohibit fireworks, but the ban will not completely darken the colourful and noisy displays in Vancouver. Staff have been directed to prepare a report on implementing the ban but must account for several exemptions such as cultural celebrations including Chinese New Year and Diwali orCity councillors voted Tuesday in favour of a motion to prohibit fireworks, but the ban will not completely darken the colourful and noisy displays in Vancouver.

( City of Vancouver ). The Employer Health Tax was announced by the government in February's budget. It will charge companies a percentage of their payroll under a This graph shows property tax increases in Vancouver are below the regional average over the past 10 years. ( City of Vancouver ).

Get information about property tax in Vancouver : how to pay your property tax and claim your home owner grant. Property taxes help fund: Many of our essential services like police, fire fighting, and emergency rescue. Recreation and community centres, libraries, parks, and much more.

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.

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.

Davidoff says he and his team estimate that if the fund was currently operating in Vancouver it would pull in about -million, money which could be redistributed to city dwellers to off-set high residential costs. City of Vancouver considering biggest property tax increase in over a decade .

Homeowners in Vancouver can expect to see a slight increase on their property tax notices over the next few years. The tax shift, he says, is a welcome step in the right direction considering businesses are responsible for 45 per cent of Vancouver 's property tax bill, yet make up only seven

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."

Dan Fumano: Why falling property assessments won't mean lower property taxes .
Every year, whether land values are going up or down, experts working in the field say the same confusion persists about the relationship between property assessments and taxes. And this year, the confusion may be particularly widespread. That’s because while last year’s assessments saw declines in the upper end of Vancouver’s housing market, 2020 marks only the fifth time since B.C. Assessment’s inception in 1974 — and the first time in 20 years — that the province’s assessed values saw an overall decline . (B.C.’s overall assessment values also decreased in 2000, 1999, 1987 and 1983).

—   Share news in the SOC. Networks

Topical videos:

usr: 0
This is interesting!