2010 Holiday Gift from Vancouver City Council – 4.2% Property Tax Increase

The best city on Planet Earth got a little more expensive to live in and owning property. The Vancouver City Council decided to increase Residential Property Tax by 4.2% and Commercial Property Tax by 0.2%.

City’s operating budget stands at $1.03 billion.

In November the city also approved a 2.75-per-cent increase in user fees, primarily related to sewer, water and waste utility services. Some of those services were provided by Metro Vancouver.

What concerns me, how the property owners are going to be able to meet this increased tax obligation?

Many Vancouver residential property owned by Seniors are way behind property tax. The assessed value of their property is going up along with increased property tax. Seniors with their limited income, will be put further behind in property tax payment.

New home owners are already struggling to make the mortgage payment. Property Tax increase will be a burden and many may lose their home.

If residential home owners try to get a tenant to pay for the property tax, that would not be much help either. They will have to pay income tax on rental income and also increased expenses on all kinds of utilities/maintenance. They would be lucky, if there any fund is left over to pay for property tax.

Renters will see a increase in rent due to property tax increase and some of them, might be in a situation, where they will have to move into homeless shelters.

World and Canadian economy is struggling. The financial crisis hit the Vancouver City as well each and every residence of the City. Property Tax increase should not be the only solution, when there is a need to balance the budget of the city.

As a Vancouver City residence I wish I could impose tax on someone to balance my budget.