Photo by 401(K)
Taxes – not exciting stuff, but super important!
On July 9, Vancouver City Council approved all the recommendations proposed by the Property Tax Policy Review Commission after hearing from about 6 speakers, include DVBIA President & CEO Charles Gauthier.
These recommendations include ongoing monitoring of the health of the business community using eight metrics to guide any future shifts in the tax ratio from commercial to residential; use of targeted land assessment averaging to address "hot spots" (spikes in land assessments); and, further exploration of the pros and cons of split class assessment tools to provide relief for business tenants.
This is a significant milestone, however, more work will be required in the future, including ongoing dialogue with the City regarding implementation.
Stay tuned and stay engaged!