While it’s true that triple-net leases — and concerns about them — aren’t new, commercial properties have never before been hit with the speculation tax and additional school tax. That&…
Finance Minister Carole Taylor says her government will review the fact that new B.C. anti-speculation taxes appear to apply to the air space over the heads of some small businesses during a broader study this summer of the property assessment system.
Those property owners have long paid some taxes on the air space above their head, because of the long-standing practice of assessing — and taxing — properties based on their “highest and best use,” which often means storeys of unbuilt condos above what’s currently there. “The issue with triple-net leases has been exacerbated by the speculation in the real estate market, because businesses end up bearing the costs, when they aren’t the ones who are profiting from the increase in the value of property,” James said.
On the subject of things working the way they’re intended to, many surprised Sun readers this week speculated that perhaps these new housing taxes applying to air space above businesses was unintentional. Asked why Vancouver’s empty homes tax was designed that way, Kerr said she believed one of the considerations was the issue of commercial properties with residential-zoned air space above.
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