Quote:
Originally Posted by Adorkami
My condo went up less than 5% near kits but my house in north burnaby went up around 26%. Yay more taxes.
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Taxes go up on average by the city's budget increase, which is usually 2-5%.
The city determines how much property taxes you pay, so even if everyone's value goes down 50%, your taxes wont go down 50%, the city will just increase tax rates by 100% in order to get their revenue to meet their budget.
Interestingly, Vancouver also has one of the lowest property taxes relative to other major cities in the world. Can't say the same for people in New West or Port Moody though. . . . .