Commercial property owners on Vancouver’s west side could be about to face some steep tax hikes due to recent assessments from BC Assessment.
The issue is land that is in areas where zoning is for split use; the assessment could be based on high value residential property while the tax bill will be at the commercial rate, which is more than four times higher. This is because although the zoning allows a split, the percentages are not set so it could be used either way and is taxed at the higher rate.
Although this has been highlighted as unfair by the Amacon precendent and a city-appointed tax commission, no change has yet been put in motion.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: