Varied Tax Rate for the Residential Class

Whereas the Province of British Columbia through the BC Assessment Act Prescribed Classes of Property Regulation B.C. Reg. 43881 specifies that there is one assessment class for all types of residential properties and the Community Charter outlines that a municipal bylaw to establish the property value taxes each year under section 1973 specifies there is a single rate for each property class; And whereas the assessed value of the multifamily strata units are remaining constant and the single family residential properties are increasing at an accelerated rate causing a greater share of the property value taxes generated in the residential class to be borne by the single family residential properties: Therefore be it resolved that the Province of British Columbia amend the BC Assessment Act and the Community Charter to allow the residential class to be split into two distinct residential classes so that a different rate may be applied to each type of residential property to more equitably share the tax burden between the single family residential properties and the multifamily residential strata properties.