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A better variant was proposed by an economist at UBC (Tom Davidoff). There would be a high property tax on ALL properties, which you could reduce by the amount

by ttul 7y ago

A better variant was proposed by an economist at UBC (Tom Davidoff). There would be a high property tax on ALL properties, which you could reduce by the amount of income tax you actually pay in the province. Whether the property is vacant or not, the tax must be paid. But if you actually pay taxes for working here, it’s cool.

dredmorbius 7y ago
Is this a good description of it? https://www.vancourier.com/real-estate/ubc-professor-proposes-innovative-property-tax-system-to-help-housing-affordability-1.23520237 https://www.vancourier.com/real-estate/ubc-professor-propose... (And if not, could you post a better link?)
internet_user 7y ago
Wouldn't it have to be huge to make a difference? A large investment property would probably cost several tens of thousands of dollars in property tax per year? Not many residents probably pay that much income tax, what do you do with those?
- ttul 7y ago
  Residents pay local income tax and thus aren’t subject to the high property tax. This tax targets offshore residents, shell companies, etc.
  - eps 7y ago
    What would prevent Chinese investors from temporarily assigning their Vancouver portfolio to some local proxies?
refurb 7y ago
Hmmm.... So the wealthier you are, the more income tax you pay, so the lower your property taxes are? So this would benefit the wealthiest?
- ttul 7y ago
  I didn’t capture Davidoff’s proposal accurately. There is a basic property tax that everyone pays. An additional tax is the one that you can write down to zero by earning income.