Property Transfer Tax Sharing for Local Governments

Whereas the cost of infrastructure renewal is increasing in British Columbia due to the prevalence of aging municipal assets, inflation and increased community growth in many areas; And whereas the revenue from property transfer tax is due in large part to the attractiveness of the local community to homebuyers which is in part the result of local government efforts, as such local governments should benefit from this tax: Therefore be it resolved that UBCM advocate to the provincial government to share property transfer tax revenue with local governments in British Columbia for expansion and renewal of community infrastructure.