Experts say proposed property tax increase could be devastating for Vancouver’s local businesses

– a significant spike compared with the 2.8-per-cent yearly average increase registered between 2010 and 2019. A final vote on next year’s budget is planned for Tuesday’s council meeting.

Much like in the residential sector, tax bills for commercial properties are calculated by multiplying the assessed value of the property by the applicable tax rate. But commercial leases are usually structured so that tenants – not owners – are responsible for paying property taxes. “When you see a property increase significantly in value, perhaps due to a new community plan or rezoning, the commercial landowner is benefiting enormously from that increase in the land value," Mr. Hemingway said.

In its proposal, the city uses the example of a business property valued at the median of $976,000. The city says the extra taxes the business would pay under the changes would amount to only $404 a year, including higher utility fees.“There’s no such thing as a commercial property at a million dollars,” Mr. Sullivan said, explaining that the assessed property value for a typical community retailer would be closer to $3.6-million.

GlobeBC People have to start leaving cities that over tax, & relocate to more competitive markets. This is the only way these policy makers will change or get punted.

GlobeBC That staff would bring forward this proposal demonstrates the complete failure of the Mayor to set a common sense agenda.

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Vancouver councillor proposes vacancy control for SRO hotels in case of saleCouncillor Jean Swanson said she is pushing for the measure because several SRO buildings are for sale, raising concerns that new owners may put pressure on tenants to move GlobeBC ' $375 – the monthly shelter rate for a single person on social assistance ' ---- That is a bigger part of the problem than anything a landlord may do GlobeBC The Fakner, Ross, who support the war criminal Hifter, shot down the American plane in the capital, Tripoli
Source: globeandmail - 🏆 5. / 92 Read more »

Lululemon’s chief operating officer to leave the company in new yearThe Vancouver-based retailer says Stuart Haselden, who also serves as executive vice-president of international, will leave the company effective Jan. 10
Source: globeandmail - 🏆 5. / 92 Read more »

Devastating factory fire kills at least 43 in Indian capitalAuthorities said an electrical short circuit appeared to cause a fire that killed at least 43 people in a factory in central New Delhi. Joe fresh?
Source: CTVNews - 🏆 1. / 99 Read more »

Police investigation shuts down Vancouver's Yaletown districtHelmcken remains closed between Homer and Mainland streets, while Mainland and Hamilton are both closed between Nelson and Davie streets. Guaranteed NONE of them lives in Vancouver. Thank God for the Skytrain strike. Bloody bridge and tunnel crowd. Why cant the dudes all gather on the Plains of Abraham and blast each other...with gusto till the last man....!
Source: VancouverSun - 🏆 49. / 61 Read more »