With house values skyrocketing so do assessments. Some areas of the city have seen assessment go up so much that residents lose their home owners grant discount on their taxes. This makes it unaffordable for the residents, many seniors, to live in their homes because the taxes become too high.
The idea is for the taxes to be based on the assessment in effect in the year of purchase, with increases for inflation only, not for the speculative inflation that has been taking place.
This would promote stability in neighbourhoods because it allows residents to afford to stay.
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2014-05-19 21:18:14 -0700
tagged this with Affordability
2014-04-21 09:10:27 -0700
2014-04-20 19:33:35 -0700
Yes, property values are assessed by the B.C. government. But the City of Vancouver can choose to use an assessment from a different year if they so choose. My idea would be to use the assessment from the year of purchase (plus the official rate of inflation but no more).
2014-04-20 18:57:47 -0700
Great idea, people who choose to live in their homes long-term should not be penalised by the speculative behaviour with homes going on around them. One thing to look into is to what extent the City can change the way property values for tax purposes are assessed. I believe it is a provincial program that performs the assessments currently. Even if that is the case, we could at least lobby the provincial government to make the change, both independently and in concert with the Union on BC Municipalities.
published this page in Policy ideas
2014-04-20 18:38:58 -0700