Thank you for sharing!

Your article was successfully shared with the contacts you provided.

VANCOUVER, WA-Rejecting a staff proposal to divide real estate excise tax revenue between city parks and transportation projects, the Vancouver City Council on Monday voted to ponder the possibilities for another 90 days while the city’s budget priorities are hammered out.

The quarter-percent excise tax on real estate transactions has been in effect since 1996, raising about $10 million for the Vancouver Parks Department, which has used the funds to develop some 22 parks. The quarter-percent excise tax on real estate transactions was set to expire at the end of the month, but has been extended.

In addition to parks and transportation, other suggested public uses of the city’s real estate transaction tax revenue have included spending all of the money for transportation, or spending it on emergency services such as new fire and police stations. The City Council is now expected to make its decision by Oct. 31.

Clark County extended its real estate excise tax in June, but ended the money’s exclusive use for parks. The money now will be divided between parks and transportation.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.