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Vacancy Tax on Airspace Over Restaurant


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1 hour ago, Jimmy McGill said:

 

no, those folks get personalized bike lanes.

 

I do like what the city is doing on streets like King Ed, with the rows of new low rise buildings, they make a ton of sense and we should have that on all our major routes. Do more of that, leave small business alone. 

It’s those small businesses that provide taxpayer money to fund the municipal government pie in the sky programs.  

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Just ban foreign home ownership like many other cities/countries around the world or charge additional tax to someone who owns a property that does not sync with their income tax. For example, if you own a $20M home and claim $8K in income taxes and have no history of appropriate income tax claims there should be additional tax applied so that way homes are reserved for people contributing and working in the economy.

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Noteworthy that the date of this article is Oct 23, 2019. 
 

BC Liberals introduce bill to cut property tax on ‘air’ over businesses

img_56751.jpg?quality=85&strip=all&w=136
By Richard Zussman  Global News
Posted October 23, 2019 6:31 pm
 Updated October 23, 2019 6:41 pm

The BC Liberals have introduced private members’ legislation that would, if passed, enable local governments to reduce property taxes on unused airspace above current small businesses through a new commercial property sub-class.

Currently, local businesses pay property taxes based on the highest and best use of the land.

BC Liberal MLA Todd Stone says his legislation has broad support from stakeholders and municipalities.

“Many small businesses, arts groups, and non-profits—most notably in the Lower Mainland—are facing huge tax spikes on the air above their heads,” Stone said.

“In some cases, organizations have seen 200 to 300 per cent increases in property tax bills.”

 

Opposition legislation rarely passes but if the government supports the bill it would create a new commercial property sub-class that local governments can use to provide property tax relief.

The idea was endorsed at the Union of B.C. Municipalities conference.

The BC Liberals say small business owners should not be taxed based on the speculation value of the property.

There has been an increase is store and restaurant closures on Broadway, West Broadway, Robson streets as well as other areas in Metro Vancouver.

Stone describes the legislation as a tool for municipalities which will allow them to set a different tax rate for unused rates.

“There is a broad coalition of support for what we believe is very good public policy,” Stone said.

 

 

“The bill provides maximum flexibility in the use of the tool. It is at the sole discretion of local government about whether they want to use the tool and what rate of tax would be applicable to best address the unique circumstances.”

Municipal Affairs Minister Selina Robinson said she has not had an opportunity yet to read the legislation. The B.C. government put together a working group to look at barriers and one of the suggestions was to give municipalities more power to adjust the property tax rate.

 

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1 hour ago, canucklehead44 said:

Just ban foreign home ownership like many other cities/countries around the world or charge additional tax to someone who owns a property that does not sync with their income tax. For example, if you own a $20M home and claim $8K in income taxes and have no history of appropriate income tax claims there should be additional tax applied so that way homes are reserved for people contributing and working in the economy.


That’s a quick way to actually increase and not decrease inquality, as those people who are fortunate enough to get inheritances of properties will essentially have them taxed out from under them, whereas the rich won’t.

 

and you can bet the levy won’t be at 20mill either 

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15 minutes ago, UKNuck96 said:


That’s a quick way to actually increase and not decrease inquality, as those people who are fortunate enough to get inheritances of properties will essentially have them taxed out from under them, whereas the rich won’t.

 

and you can bet the levy won’t be at 20mill either 

 

Inheritance is different - I am talking about this : https://torontosun.com/2016/05/12/311-million-vancouver-mansion-owned-by-student or flat out banning ownership of this type 

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This is how property is taxed in all major areas. If it wasn't there would be a huge problem.

 

Imagine if a developer bought this land and kept the crappy little mexican restaurant on it to avoid paying taxes on a very valuable condo holding?

 

Or, to put it another way... imagine if I bought a huge $50 million dollar piece of land meant for a highrise, and then I put a Taco Bell on it to avoid high taxes.

 

The headline would read "Province taxes Taco Bell as if it were $50 million high rise".

 

This happened to commercial property in Burnaby last year.

 

Nothing new.

 

You get taxed on the highest purposed value period.

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I used to live in Kits, Mt Pleasant & at Granville Island / its been 20 years. But it was 15 years in duaration. 

 

This was one of our go to sites; give or take once every odd month?

 

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