Property Tax To Possibly Increase In Vancouver.

Residents in Vancouver are likely to face a 3.4 per cent raise in the province’s property tax. The city council drew up a budget sample, and suggestions are that the hike will be used to take care of funds for the recent rental units, improvements of leisure centres and social housing in the municipal.

 Thecost is said to “reflect the need for added investment to address the challenges of a growing city.” Included in the projected draft is a proposal for a two per cent raise in the cost of building permits.

An amount of $16.3 million will be funded by the city to take care of the Vancouver Affordable Housing Agency projects, and on getting plots for affordable housing. A total of $80.1 million will be used to ensure houses that will be reasonable priced.

An additional 3.4 per cent will cover tax imposed on property for an average suburban unit, evaluated at $936,000 to $1,483, as well as for average single-family home assessed at $1,386,000 to $2,196. The councillors will vote on the draft budget in due time.