Dan Fumano: Vancouver eyes new solution to thorny property tax problem
This could make a significant difference for small independent businesses, who could save thousands-of-dollars a year off their property tax bill, said Grace Cheng, Vancouver’s director of long-term financial strategy.
Of course, if some people’s tax bills are reduced, it means other taxpayers need to pay more to make up for it. The city estimates this tax relief program would mean roughly a one per cent increase for other commercial taxpayers.Article content Those exclusions are because the relief is intended for independent businesses, Cheng said, and because the more properties that receive relief, it means more of an increase for everyone else. So staff are trying to ensure the relief benefits those independent businesses who need it, while not putting too much upward pressure on others’ taxes.
Cheng said the B.C. government deserves credit for listening to municipalities who had been calling for this kind of power, and for recognizing that an earlier “It appears that Vancouver is the first B.C. municipality to pursue this kind of tax relief through the new powers granted last year by the province, but it might not be the last one, said Jairo Yunis,This advertisement has not loaded yet, but your article continues below.The CFIB has met with representatives of several B.C.
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