OWNERS of eligible properties in Vancouver must make their Development Potential Relief Program (DPRP) declarations for the 2023 tax year by 11:59 p.m. on Friday, March 31, 2023 to receive property tax relief.
Declaration forms and instructions have been mailed to eligible property owners. Owners must attest that their properties were occupied on October 31, 2022; that they will notify their tenants of the tax relief; and that the primary use of their properties is not one or more of the ineligible uses under the pilot program.
Declarations can be made online in just a few minutes at vancouver.ca/taxrelief. Submissions can also be completed by phoning 3-1-1 or by mailing back the declaration form. Owners will require the unique DPRP access code and folio number found at the top of their mailed declaration form to complete their submission.
On March 8, 2023, Vancouver City Council approved the implementation of the pilot DPRP, which will provide tax relief for eligible Light Industry (Class 5) and Business and Other (Class 6) properties. The DPRP, enabled by provincial legislation, is aimed at supporting independent, small businesses and community partners who are paying disproportionately high taxes due to development potential.
Properties are assessed by BC Assessment based on their highest and best use, and for those with development potential, the assessed value would be higher than the value of the current use.
For eligible properties, the DPRP will result in a portion of the land value being taxed at a rate that is 50 per cent lower than the City’s blended general purpose tax rate for Light Industry (Class 5) and Business (Class 6) properties. Five to 55 per cent of the assessed land value, up to $5.4 million, would be subject to the DPRP tax rate, depending on the neighbourhood/zoning district. Any amount exceeding $5.4 million would be subject to the blended Class 5/6 general purpose tax rate. The DPRP does not apply to the Provincial School Tax and taxes levied by other taxing authorities such as TransLink and Metro Vancouver.
