March 25-31, 2008
Business in Vancouver
Real estate roundup: Peter Mitham

The eternal certainties

Death and taxes may be the only certainties in this world, but the Vancouver Fair Tax Coalition is back to hoping one on the other – death on taxes, that is, not a tax on death.

Recent coalition statements have been wishing death on taxes, or at least some of them. Hard on the heels of a statement applauding Vancouver council’s approval of a reduction in the percentage of the municipal tax burden laid on commercial property owners in the city (currently approximately 53%), the coalition joined the chorus of disapproval of plans by the appointed board of the regional transit authority that could see $18 million annually collected from commercial property owners.

The legislation passed last fall that restructured the former TransLink board at the beginning of January allows taxes to support regional transit service to be levied on all regional property owners, not just commercial property owners, as the old TransLink parking area tax did.

With a decision on the new rate structure pending, the tax coalition is reminding the transit authority’s new board that businesses can’t be expected to pay the full tax burden.

The average business would pay $423 a year if residential property owners are not included and $133 a year if they are. Residential property owners would pay approximately $20 annually on top of current property taxes. •

pmitham@telus.net