mr.x
Jan 30, 2009, 5:29 PM
Six per cent tax hike proposed for Vancouver property owners
Vancouver Sun
January 29, 2009
VANCOUVER - Vancouver property owners could see their tax bills rise by about six per cent this year, says a report previewing the city’s 2009 budget.
The proposed tax hike of 6.29 per cent for all classes of property would allow the city to maintain existing service levels and cover new funding proposals.
Vancouver homeowners face a bigger hike - 8.29 per cent - than other property owners.
This is because of a new city policy shifting the tax load from businesses onto residential properties.
In March 2008 council approved the redistribution of one per cent of the property tax levy from the non-residential property class to the residential property class every year for five years.
This one-per-cent shift increases property taxes by two per cent and cuts taxes on business owners by two per cent.
The interim estimates report tabled this week by financial services general manager Annette Klein projects that the tax increase on a house valued at $783,000 will be $128.
The report added that $33 of that hike stems from the scheduled tax shift in 2009 from business to residential.
The interim report will be discussed in February and March in public consultations.
The city’s 2009 budget will be approved in later March.
The overall hike of 6.29 per cent for all property classes is just over half of the 11 per cent hike projected in the potential 2009 budget presented to council in mid-December.
Klein said in the report that city managers were able to pare down that projected increase through adminstrative savings amounting to $26.8 million.
Besides covering existing services, the 6.9 per cent hike would cover:
- The continuation of the Project Civil City and the Ambassador Program - two initiatives from former mayor Sam Sullivan aimed at curbing street crime.
- Allow the new swimming pool facility in the Hillcrest complex - set to be completed in the summer of 2009 - be opened for the public prior to being closed during the 2010 Olympic Games.
- Cover new initiatives proposed by the Vancouver Vision council, including a new mental health advocate, more childcare, a Green Grants Fund and the hiring of an external auditor to review the city’s accounts and operations.
© Copyright (c) The Vancouver Sun
Vancouver Sun
January 29, 2009
VANCOUVER - Vancouver property owners could see their tax bills rise by about six per cent this year, says a report previewing the city’s 2009 budget.
The proposed tax hike of 6.29 per cent for all classes of property would allow the city to maintain existing service levels and cover new funding proposals.
Vancouver homeowners face a bigger hike - 8.29 per cent - than other property owners.
This is because of a new city policy shifting the tax load from businesses onto residential properties.
In March 2008 council approved the redistribution of one per cent of the property tax levy from the non-residential property class to the residential property class every year for five years.
This one-per-cent shift increases property taxes by two per cent and cuts taxes on business owners by two per cent.
The interim estimates report tabled this week by financial services general manager Annette Klein projects that the tax increase on a house valued at $783,000 will be $128.
The report added that $33 of that hike stems from the scheduled tax shift in 2009 from business to residential.
The interim report will be discussed in February and March in public consultations.
The city’s 2009 budget will be approved in later March.
The overall hike of 6.29 per cent for all property classes is just over half of the 11 per cent hike projected in the potential 2009 budget presented to council in mid-December.
Klein said in the report that city managers were able to pare down that projected increase through adminstrative savings amounting to $26.8 million.
Besides covering existing services, the 6.9 per cent hike would cover:
- The continuation of the Project Civil City and the Ambassador Program - two initiatives from former mayor Sam Sullivan aimed at curbing street crime.
- Allow the new swimming pool facility in the Hillcrest complex - set to be completed in the summer of 2009 - be opened for the public prior to being closed during the 2010 Olympic Games.
- Cover new initiatives proposed by the Vancouver Vision council, including a new mental health advocate, more childcare, a Green Grants Fund and the hiring of an external auditor to review the city’s accounts and operations.
© Copyright (c) The Vancouver Sun
