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.
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