Highest and Best Use Property Assessments

Whereas the highest and best use valuation methodology used by BC Assessment determines the value of commercial property according to what it could be in the future, rather than what it is today; And whereas in areas experiencing rapid growth, such as Metro Vancouver, many properties have redevelopment potential which causes property values to soar, even if there are no plans to redevelop the property; And whereas this valuation methodology has created a significant and unsustainable financial burden for many businesses across Metro Vancouver: Therefore be it resolved that the BC government be requested to undertake a review of the highest and best use valuation methodology and develop measures to effectively minimize the impact that this approach is having on small businesses in Metro Vancouver.