Vancouver City Council

RESOLUTION

MOVED BY COUNCILLOR:

SECONDED BY COUNCILLOR:

THAT WHEREAS pursuant to Section 17(2) of the Assessment Authority Act, the British Columbia Assessment Authority in each year levies a tax on the net taxable value of all land and improvements in the City of Vancouver (excluding property that is taxable for school purposes only by special act);

AND WHEREAS on April 04, 2003, the Authority, levied the following tax rates on Class 1 - residential and Class 6 - business and other:

Class 1 - residential 0.1159
Class 6 - business and other 0.3245

being dollars of tax for each one thousand dollars of taxable value, for the 2003 taxation year, which when applied to the net taxable value of all land and improvements in the respective Classes in the City of Vancouver (excluding property taxable for school purposes only by special act) would raise the following sums:

Class 1 - residential $ 6,757,077
Class 6 - business and other $ 4,467,874

AND WHEREAS on March 28, 2003, pursuant to provisions of the Vancouver Charter, Council approved an adjustment of the net taxable value of land in Class 1 - residential and Class 6 - business and other, within the City of Vancouver;

AND WHEREAS the net taxable value and the adjusted taxable value pursuant to the Council by-law of March 28, 2003, of land in the above-noted Classes subject to taxation under the British Columbia Assessment Authority Act for the year 2003 are as follows:

Net Taxable Value Adjusted Taxable Value

Class 1 - residential $ 58,300,919,833 $ 56,006,382,230
Class 6 - business & other 13,768,486,148 13,537,707,768

AND WHEREAS Council is obliged to vary the rate set by the British Columbia Assessment Authority in order to produce the same amount of revenue that would have been raised if the net taxable value of the specified land had not been adjusted;

NOW THEREFORE BE IT RESOLVED THAT, in the case of Class 1 - residential, the rate of 0.12065 is hereby substituted for the rate of 0.11590; and in the case of Class 6 - business and other, the rate of 0.33003 is substituted for the rate of 0.32450 for taxation pursuant to the Assessment Authority within the City of Vancouver for the 2003 taxation year.