Enact Development Potential Tax Relief By-law

Summary

• 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.

Vote

Documents

• By-law 1