Special Council
March 10, 2023 · 09:30 am
Summary
- Council enacted the Development Potential Tax Relief Declaration By-law, 2023, formalizing a pilot program approved on March 8, 2023 that gives eligible commercial property owners a break on taxes inflated by development potential under their land.
- Property owners must submit a declaration form to the City by March 31, 2023, and the property must have been in active use on October 31, 2022, to qualify.
- Certain property types are excluded from the program, including big box stores, national and international chains, banks, hotels, gas stations, parking lots, car dealerships, self-storage facilities, office-primary buildings, commercial strata properties, and billboards.
Motions
Enact Development Potential Tax Relief By-law
Carried Details
- Enacts the Development Potential Tax Relief Declaration By-law, 2023, implementing a pilot program under section 374.6 of the Vancouver Charter.
- The program reduces property taxes for eligible small businesses whose assessed values are inflated because the land beneath them is considered ripe for redevelopment.
- Property owners or their authorized agents must complete and return a declaration form to the City no later than March 31, 2023.
- Properties must have been in active use on October 31, 2022 to qualify; a range of property types are excluded from eligibility.
- Owners are required to inform any tenants or occupiers of tax relief received under the program.
- Providing a false declaration is an offence carrying a fine of up to $10,000.
Agenda documents (2)
ROLL CALL
1. Development Potential Tax Relief Declaration By-law, 2023
ADJOURNMENT