Whereas housing affordability is impacted by the rising cost of housing for both rental and ownership, and incomes have not kept up to the cost of living across the province: Therefore be it resolved that UBCM advocate to the Ministry of Housing and Municipal Affairs and BC Assessment Authority to support housing affordability through taxation changes and financial commitment by undertaking the following: - adjust the assessment value of rental properties to reflect the existing building on the site instead of the full development potential the highest and best use; - explore variable tax rates for land and improvement including a land value tax to help control land price escalation and speculation; - amend property taxation regulations to allow for variable property taxation rates with sub-classifications within each property class and a new classification for affordable housing; and - allow for progressive property taxation based on the assessed value and current use including rates for vacant lands.
