Quote:
Originally Posted by Traum
The assessment value of my parents place fxxking went up by a whooping 30%, and I am estimating that their property tax will go up by $1k+ in 2016. Between me and them, I am not sure how we can suddenly / magically pull an extra $1k out of our a$$es.
As far as I am concerned, all 3 levels of governments are only interested in looking after their own coffers. Bike Boy only cares to keep the RE $$$ flowing, so that he can pave everything in Vancouver as bike lanes. Crusty doesn't want the foreign hot money to stop either, because she needs to keep up the facade that the BC economy is still going strong, and that we continue to run a budget surplus so that the idiots in the province can keep voting her in -- nevermind that the hard working BC residents are getting pushed out from their homes because they can't afford living in their hometown anymore. Pretty Boy needs the foreign hot money too, so that he can continue with his international charity work at Canadians' expense.
Damn... just since when have I become so jaded and cynical?
/rantover
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Your parent's property taxes probably won't go up by $1,000. in 2015, if you have a 1M house in vancouver, you are paying about $3,500 in property taxes per year, tax rate of .035.
The city of Vancouver 2016 budgeted property tax increase is 3.4%. Like I said earlier, overall most cities will be getting 2-5% more money in property taxes. Overall, the average Vancouver property owner will be paying 3.4% more than last year. So your property's assessment wont be going up 30%, since most people's property assessment also went up 20-25%, and you are going up more than the average, you will be paying a bit more than the increase of 3.4%, in 2015 it was 2.4%.
http://vancouver.ca/files/cov/vancouver-2016-budget.pdf
Think of it this way, if everybody's assessment went up 100%, they won't be paying double the property taxes unless the city's budget doubles, and if everybody's value went down 50%, the city isn't going to give you a break and have everyone pay 50% less property tax. They need money to meet their budget, and will set a tax rate that allows them to collect their money.
Property tax is a wealth tax, the more valuable your asset, the more you pay.
Otherwise, I agree with your other comments about our politicians lol.