A motion coming before Saanich council Monday evening (May 31) is seeking municipal support for a plan to alter how residential taxes are calculated, which could mean higher tax rates in future for single-family homeowners.
A proposal from Coun. Zac de Vries seeks to incentivize developments seen as more compatible with climate action goals and long-term financial endurance within communities. He’s asking that council support the motion for submission as a resolution for discussion by the Union of B.C. Municipalities at its 2021 convention in September.
The current B.C. Assessment Act applies the same taxation rate despite one’s residential sub-class; single-family vs. multi-family homes.
De Vries’ rationale states that applying situational mill rates to different types of residential properties would give municipalities the means to accurately assess the associated costs of residential land use. It also suggests single-family homes are not as sustainable and cost more for the municipality to service than multi-family buildings.
A mill rate is the formula municipalities use to assess the amount of tax payable per dollar on the value of a property.
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