TO: Mayor and Aldermen DATE: September 20th, 1972
FROM: pa, Freeman, City Clerk , Sols
fy — > A. .
LUUNL
Re: Amendment to Subdivision By-law - A y) 5 1972

Prepayment of Taxes

. By-law No. 1205, a By-Law to amend the City's present Subdivision By-law, is
available for first three readings. |

| As the Council is aware it is presently required that an applicant for subdivision
pay either the exact or " estimated anoun £ of the current year' & taxes on the property (den-
ewing on 1 whether or not the miii rate has been set by the Counc ii) and this is basically
required to avoid’ the difticuLties that arise in apportioning the amount of taxes levied
ons Large parcel amongst the owners of several smaller parcels, mone cf whom will have
received a tax notice and who may have aesumed that the taxes have been paid by the original
owner. The amending by-law will carry this one step further and _ raquire that in the last
half of any year the estimated amount of the following year's taxes be deposited with the

muntedpality tc be eppiied in payment of taxez should the subdivision not be completed pricr

to the end of the year, thus resulting 4n the old egal description appearing on the Assess— —

. nent Roll as the taxable proper ty, Should the subdivision be complete and the Assessor
place the new smaller parcels on the tax roll in the names of their new owners, then the
anount of estimated taxes would ‘be refunded to the developer.

An identical procedure is required by the District of Surrey and when we | Spoke with

‘several ¢ other Lower Mainland municipalities on the telepione, "they: all ‘expressed interest

in the procedure and agreed that it would be of benefit.

- ba WOR eran treme

City Clerk.

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