Downtown Vancouver Business Improvement Association Supports TransLink Decision on Property Tax Rates
VANCOUVER, BRITISH COLUMBIA–( EMWNews – March 28, 2008) – The Downtown Vancouver Business Improvement Association (DVBIA) today congratulated the Board of TransLink for its decision to collect only half of the $18 million intended to replace revenue from the cancelled Parking Site Tax in 2008.
DVBIA President Bill Rempel applauded TransLink for responding to the concerns of business owners.
“Reducing the amount of the new tax to $9 million addressed our concerns of allocating the entire $18 million tax to nonresidential property classes,” he said. “With this decision, TransLink is also providing more equity between residential and non-residential property owners in terms of calculating the annual percentage increase in taxation this year.”
Earlier today, TransLink announced that in 2008 only, it will collect half of the $18 million in property taxes and apply it only to non-residential properties. Beyond 2008, the Board said it will review TransLink’s property tax structure as long-term transportation and financial plans are developed.
“We are pleased with this decision,” said Rempel. “The DVBIA called on TransLink to spread this replacement tax across all property classes, but this new approach essentially provides an equitable solution for the current year. However, this is only an interim measure, and we look forward to continuing to work with TransLink to develop a permanent solution that is fair to all stakeholders.”
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