All residential taxpayers will be affected by 2011's 3.88 per cent property tax increase. The City Council continues the taxation shifting plan they launched about four years ago. The tax levy is being partially transferred from non-residential and businesses to residential property owners in order to restore the desired balance. The shift should lower businesses' tax bills by one per cent.
The forementioned tax reduction needs to be compensated for by residential taxpayers through a two per cent increase in their property taxes. Together with a planned 1.88 per cent net rise of tax levy for residential homeowners, Vancouverites will experience a doubled increase.
The tax levy for a $877,000 house will rise, and the total property taxes will be $1,748. A commercial property's bill will decrease by $163, and its overall property taxes will be $7,748.
No to the Vancouver Casino Expansion Is There a Reason for Real Estate Market Protectionism?