A. THAT Council instruct staff to seek an amendment to the Vancouver Charter, to
allow the City to use up to five years of land assessments in the land
assessment averaging formula available to the City for the calculation of
property taxes, as compared to the current formula which allows for three-year
land averaging only.
B. THAT, if the Charter amendment described in A is approved, Council instruct
the General Manager of Corporate Services to report back with an analysis that
compares the use of five-year land averaging to three-year land averaging in
the calculation of property taxes, with respect to their respective efficacy in
mitigating year-over-year volatility in property taxes for individual properties.
C. THAT Council approve a target redistribution of the tax levy, that would shift
$23.8 million proportionately from Classes 2, 4, 5 and 6, to Classes 1, 8 and 9,
in order to achieve the Property Tax Policy Review Commission's recommended
tax levy distribution of 48% non-residential and 52% residential.
D. THAT in order to achieve the target redistribution described in C, Council
reduce the tax share borne by the non-residential property classes (Classes 2,
4, 5 and 6) at a rate of one percent of the overall tax levy per year, and
increase the share borne by the residential classes (Classes 1, 8, and 9) by the
same amount until a total of $23.8 million has been shifted from the nonresidential
property classes to the residential property classes.
E. THAT following the achievement of the recommended target tax redistribution
described in C, Council keep the tax distribution shares unchanged for a period
of five years.
