Businesses in Richmond continue to carry a heavier tax burden than residential properties.
About 8.5 per cent of properties are classified as “commercial,” but they pay about 34.6 per cent of all taxes collected by the city.
In an analysis of the city’s taxes on different property classes, a city staff reports Richmond has the lowest ratio when looking at residential-commercial breakdown of taxes compared to other large Lower Mainland municipalities.
Richmond Mayor Malcolm Brodie pointed out, historically, this split between business and residential used to be about 50/50.
Over the years, the tax burden has shifted more to residential properties.
Brodie said he thinks the amount of tax currently being collected on businesses and residential is “about the right place.”
“Nobody likes to pay taxes, everybody wants less taxes but you’ve got to to land on something,” he said. …