Varied Taxation Rate for Residential Class 1 Properties

Whereas the Province of British Columbia specifies that there is one assessment class for all types of residential properties even though the assessed value of attached and detached residential properties change values at different rates and other jurisdictions, such as Ontario, allow different tax rates for attached and detached residential properties; And whereas in Langley City, a 4.94 property tax increase in 2018 resulted in a 0.4 decrease for detached residential properties and a 14.31 increase for attached residential property, and in 2022, a 4.35 property tax increase resulted in a 12.49 increase for detached residential properties and 3.37 decrease for attached residential properties: Therefore be it resolved that UBCM ask 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 to account for the difference in the rate at which attached and detached residential properties change their value and to allow local government to more accurately charge for the cost of providing services to attached and detached residential properties.