ICBC grants CD$4.4 million to B.C. municipalities

Thirty-one British Columbia cities, districts, and municipalities will receive ICBC grants in place of real property and business taxes totaling CD$4.4 million this year, ICBC has announced.As a provincial Crown corporation, ICBC is not required to pay business and property taxes. Instead, communities receive annual grants that are equal to the taxes that would be levied if ICBC were a private business.Grants are paid to communities with ICBC claim centres, administrative offices, and storage and salvage yards. The municipal grants vary according to size and location of the premises, and differences in local mill rates.The following is a list of the Top 11 highest-paying 2006 ICBC grants in place of taxes paid:North Vancouver (City) — $859,557Vancouver — $640,235Coquitlam — $458,139New Westminster — $254,239Richmond — $248,586Burnaby — $237,800Victoria — $184,647Surrey — $180,496North Vancouver (District) — $168,187Abbotsford — $144,490Nanaimo — $140,132