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 197 3 specifies there is a single rate for each property class; And whereas the assessed value of the multi-family strata units and single family housing appreciates at vastly different rates, leading to large fluctuations and tax rate swings year-to-year between these housing types: Therefore be it resolved that UBCM request the Province of British Columbia to 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 allow for better tax planning, and a more consistent application of property tax changes for all residents no matter their housing type.