Coquitlam has historically had some of the highest commercial taxes in the province, going back two decades. Richard committedsix years ago to supporting job creation – including a more reasonable commercial tax rate differential – and he has delivered. If we want to diversify our tax base and become more sustainable, we need to continue to make Coquitlam a better place to invest and create jobs.
Our commercial taxes are too high, and have been too high since the late-80s and early-90s, when decisions were made that pushed up the commercial/industrial tax rates for our community to unreasonable levels.
In 1983, the tax rate that applied to Coquitlam business was roughly three times the residential tax rate. By 1998, that “tax rate differential” had risen to 6½ times the residential rate, putting enormous pressure on local businesses and making job creation in our community almost impossible.
How did that happen? Let’s take an example. In 1990 the city’s budget increased by a massive 17.4% in one year; a similar double-digit budget increase the next year left Council with a 30% increase in spending. A large portion of those enormous spending increases were placed on the backs of the business community through higher commercial property taxes, to hide them from residents.
Council more than a decade ago recognized that the exorbitant commercial tax rate was crippling their efforts at job creation and economic development. They began the process of slowly adjusting the commercial tax rate, a process that we continue today. This has resulted in a lowering of the city’s commercial tax rate to about 4 times the residential rate – still too high, but nonetheless an important improvement.
Richard recognizes that we need to continue that process so that we can attract job-intensive industry – including high-tech and film. Richard wants Coquitlam to be the easiest place to invest and create jobs, a strategy that he started six years ago when he was elected Mayor.
Richard supports jobs in our community. Let’s support Richard.
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Campaign Office: 2565 Barnet Highway Coquitlam, BC, V3K 4E2
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