PROPERTY tax rates in the District of North Vancouver may rise 2.2 per cent this year if the district follows recommendations in a report discussed at a council workshop Tuesday.
I dont want to be transferring our burden to residential taxpayers, said Coun. Roger Bassam. Are we concerned our businesses are going to be fleeing from the community? he asked. I dont think thats the case.
The report includes a plan to transfer $120,000 of required revenue to residents from light industry over the next five years. The shift is expected to raise residential property tax by an average of $5.
The shift is intended to help the light industrial sector remain competitive, according to the report.
Property taxes should harmonize with the average in the region, according to the report.
This years taxes should remain consistent with the last four years, but Coun. Alan Nixon said rates may need to change in 2013.
The districts tax strategy will likely need to be revisited due to low levels of investment, according to the report.
The tax rate bylaw comes before council on May 7.
An earlier version of this story incorrectly pegged the potential tax hike at 3.5%.
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