Re-evaluation of Taxation Calculations

WHEREAS the current formula of utilizing assessed values to determine the distribution of property taxation for local government services, accounting for the vast majority of local government funding, has resulted in an imbalance of services received and taxes paid, which has been dramatically worsened by recent trends in sky-rocketing assessments for specific classes of property; AND WHEREAS local governments across the nation are calling for a review of local government revenues to reduce the reliance on property taxation and should also be calling for a full review of the property taxation system to ensure that those revenues that remain subject to property taxation are allocated on a fair and equitable basis: THEREFORE BE IT RESOLVED that the UBCM urge the provincial government to call for an immediate review of the property assessment and taxation scheme for property tax revenues that considers, among other factors, limitations on the maximum tax payable on the basis of assessment and that results in a more equitable distribution of property taxes across all classes and values of property.