APPROVED BY COUNCIL |
MARCH 3, 2005 |
EXTRACT FROM THE MINUTES
STANDING COMMITTEE ON PLANNING AND ENVIRONMENT
MARCH 3, 2005
3. 2005 Property Tax Options: Three-Year Land Averaging for Property Tax Calculations (File 1551)
The Committee had before it a Policy Report dated February 14, 2005, in which the General Manager of Corporate Services and Director of Finance sought Council's approval to prepare a bylaw that will authorize continuation of three-year land averaging as the method for calculating property taxes for Class 1 (Residential) and Class 6 (Business and Other) for 2005. Approval of the recommendations will put in motion a process that will meet the requirements of the Vancouver Charter to advise the public that averaging is being considered by Council, of the impacts averaging will have on sample properties in the City, and of the opportunity to make their views known prior to a Council decision to proceed. The bylaw would be submitted for consideration on March 31, 2005, at which time input from the public would be heard.
Liz Jones, Financial Analyst, Corporate Services Group, (materials filed) briefly reviewed the recommendations. Ken Bayne, Director of Finance, responded to questions concerning transfers of properties and tax rates from one class to another and the effects on averaging.
MOVED by Councillor Louie
THAT the Committee recommend to Council
A. THAT Council instruct the Director of Legal Services, in consultation with the Director of Finance to prepare a bylaw to authorize continuation of three-year land averaging as the 2005 property tax calculation methodology for residential (Class 1) and business/other (Class 6) properties as discussed in the Policy Report dated February 14, 2005, entitled "2005 Property Tax Options: Three-Year Land Averaging for Property Tax Calculations".
FURTHER THAT the bylaw be submitted to Council for approval on March 31, 2005.
B. THAT the Director of Finance be authorized to place advertisements advising the public that Council is considering enacting an averaging bylaw and inviting input at City Services & Budgets Committee on March 31, 2005.
C. THAT, should Council approve the continuation of the land assessment averaging program on March 31, 2005, the Director of Finance be authorized to make appropriate arrangements with the BC Assessment Authority for the production of an averaged 2005 taxation roll, at an approximate cost of $20,000; source of funding to be the 2005 Operating Budget.
CARRIED UNANIMOUSLY
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