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The City of Vancouver enacted the Vancouver Vacancy Tax Bylaw to come into effect for 2018 under Bylaw #11674. The tax of 1% will be imposed if a property is deemed either unoccupied or vacant.
The total amount of assessed values has increased as indicated on the table. In general terms, that should result in a decrease in the tax rate (millrate).
Everyone knows there are only two certainties in life: Death and taxes. Most landlords, tenants, and property owners want to know if they are paying too much tax and what to do about it.
The Assessment Act, in a nutshell, says any land that is vacant and not zoned or held for commercial or industrial purposes should be classified residential (more specifically detailed in previous articles). We suggested that Land goes from underground to the sky, thus any zoning that limited commercial development on any floors and allowed residential, should be classed residential.
Does the city have enough zoned land, if so, why do prices keep increasing? Should we rezone more land along transit lines?
If your % increase in value is greater than the average, you may be over assessed and an appeal merited. However, it is very important to make sure the assessment is not too low before appealing.
- Vancouver Vacancy Tax
- 2018 Property Assessment Value Changes
- Misconceptions within the Property Assessment Process
- Mayor's Council Proposal for Funding Transit
- Resolving Disputes - A New Approach
- Mixed Use Properties - Potential reclassification for Property Taxation
- Classification of Mixed Use Properties September 2016 Update
- Possible Effects of FIT on Assessments
- BC Foreign Investors Tax
- NAIOP Industrial Panel
- Classification of Mixed Use Sites - Part 2
- Opportunities for Brokers
- Valuation of Properties Under Construction
- Is Assessed Value Equal to Market Value?
- Civil Resolution Tribunal Update - October 2014
- Assessment Appeal Board Changes Classification for Mixed Use Development Sites
- Strata Civil Resolution Tribunal Update
- Reviewing Appraisals - Download
- Resolving a Rental Dispute
- How are School Taxes Calculated? | doc