Metro Vancouver homeowners and businesses will have to pay more property taxes to fund the 2009 budget for TransLink, the B.C. South Coast transportation authority. Homeowners will be levied $36.77 per $100,000 of assessed value, TransLink announced Wednesday. So the TransLink portion of property taxes for a home with an assessed value of $600,000 will be about $220 in 2009 — a rise of $16, or 7.8 per cent, from the previous year. The tax hike is aimed at funding the "ongoing operation, maintenance and rehabilitation of the region's major roads and transit network," TransLink said in a news release. "The increase in TransLink's portion of residential property taxes represents a rise in the overall amount for an average residential property of less than one per cent," it said. Business property taxes will increase by an average $59 — or two per cent — over 2008 amounts, based on an assessed value of $1.7 million. The business property tax rate will be $172.96 per $100,000 of assessed value. In total, property taxes will contribute more than $263 million toward TransLink's 2009 budget of $1 billion — an increase of three per cent over 2008, according to the news release.
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Don Quixote Note: The above info would indicate that the Business Tax Ratio is 4.7038 for Vancouver (172.96/36.77). At present Vernon's sits at 3.0917 for the 2009 tax season.
Last year (2008) Vancouver's business tax ratio was 5.07579 as was their Light Industry ration. Vernon's light industry ratio was 3.46072. However the light Industry Class and the Hevey Industry Class is getting a 50% reduction in school taxes in 2009. Premier Campbell announced on October 22, 2008 that 50% of all school property taxes will be rebated to light and heavy industry annually, to lower their costs and help them grow.
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