Homeowners stand the chance to face a 3.4% property tax increase

Canadian homeowners are waiting for the city council’s decision in regards to whether they will face a 3.4% property tax increase for the coming year. The council is expected to hold a public meeting on the matter on November 30^th.

The suggestion of the city to increase on property tax to 3.5% will definitely not go down well with Vancouver property owners as majority of homeowners and business property owners were in favor of a 1% increase instead.

However 26% of residential property owners and 22% of business property owners claimed that they were willing to pay the 3% increase. But the motivation of a further increase in the tax to 4% was dampened as less property owners were in favor of that increase.

According to reports, the trend of behavior towards a tax increase has not changed for that of the previous year but this year, the level of unwillingness was a bit higher than that of the previous year. Although the exact number of property owners that were surveyed is not known, the city states that it had received response from 5,000 people though different surveys and open houses.

Also making further suggestions, the city staff stated that a $485 million fund allowance, with $233.9 million for utilities and transportation projects, $80.1 million for reasonable housing, $61.3 million for civic and community facilities and $47.1 million for parks, open spaces and recreation should be set aside for the coming year.

But the question still remains unanswered whether the council will approve of the tax increase, with the city highlighting previous years in which a tax increase occurred. However reports also shows that Vancouver city is with the third lowest property tax increase in the region taking into consideration the past five years.