Vancouver's $1 billion budget

[Smooth]

Originally Posted by theKB

I'll just leave this here then...

http://www.vancourier.com/opinion/bl...hike-1.1690291

Here is a quick summary of how municipal taxes are calculated.
http://www.maa.ca/property/millrate.html

Basically, even if your property assessment goes up, your tax bill may not change. Your tax bill will only change if your property value goes up or down in relation to the other property values in the city.

[PaperTiger]

Originally Posted by theKB

I'll just leave this here then...

http://www.vancourier.com/opinion/bl...hike-1.1690291

Which is totally unrelated to the assessed values of the properties...

In simple terms, the amount of tax a home owner pays is determined by the tax rate:
(cost of services)/ (total assessed value) X (individual assessed value).
The cost of services is determined by the municipal budget and the assessed value is determined by BC assessment. Increased assessments don’t influence how much money the City needs to deliver the planned services, therefore increased assessments don’t deliver any additional revenue to the City.

Edit: What he said ^^^

[Vin]

Vancouver (including the Greater Vancouver municipalities), has one of the lowest municipal taxes in the entire country. Maybe it's because we don't have much snow here? Still, our housing price cannot be challenged.

http://www.workopolis.com/content/ad...canadian-city/

[WarrenC12]

City budget is up ~5% and home values are up ~11% I think, not sure if that was Vancouver or Metro Van.

Anyway, your actual tax rate should drop, all other things equal. My property is actually down 0.3%, so I'm expecting my taxes to drop.

[whatnext]

Originally Posted by WarrenC12

City budget is up ~5% and home values are up ~11% I think, not sure if that was Vancouver or Metro Van.

Anyway, your actual tax rate should drop, all other things equal. My property is actually down 0.3%, so I'm expecting my taxes to drop.

Why is the city budget up double the rate of inflation? Oh wait, sweetheart deals with unions...

[theKB]

Originally Posted by PaperTiger

Which is totally unrelated to the assessed values of the properties...

In simple terms, the amount of tax a home owner pays is determined by the tax rate:
(cost of services)/ (total assessed value) X (individual assessed value).
The cost of services is determined by the municipal budget and the assessed value is determined by BC assessment. Increased assessments don’t influence how much money the City needs to deliver the planned services, therefore increased assessments don’t deliver any additional revenue to the City.

Edit: What he said ^^^

I actually do understand how it works. I also understand that BC Assessment and the muni's are separate entities. But it gives vision the leg room to up budgets while saying "hey guys we lowered the tax rate".

[WarrenC12]

Originally Posted by whatnext

Why is the city budget up double the rate of inflation? Oh wait, sweetheart deals with unions...

Did you read the link? Many of the deals went to arbitration.

Oh, but the NPA would have solved all of these problems right? Give it up, your guys lost.

[st7860]

Originally Posted by Vin

Vancouver (including the Greater Vancouver municipalities), has one of the lowest municipal taxes in the entire country. Maybe it's because we don't have much snow here? Still, our housing price cannot be challenged.

http://www.workopolis.com/content/ad...canadian-city/

Commercial properties in Vancouver pay a larger percentage of taxes than in most ther cities.

[trofirhen]

Originally Posted by st7860

Commercial properties in Vancouver pay a larger percentage of taxes than in most ther cities.

It would be interesting to compare stats.
If true, could this be dissuading companies from locating here, and thereby hindering much-needed economic expansion and diversity {and by consequence, better transit?}
Unless commercial property tax revenueis vital to the functioning of the city, why not try lowering 'em waaay down. Tis might attract more higher-end companies and concommitant salaries.
The only real offset to that might be the grotesquely bloated housing prices.

[LeftCoaster]

Originally Posted by trofirhen

[/B][/I]Unless commercial property tax revenueis vital to the functioning of the city, why not try lowering 'em waaay down. Tis might attract more higher-end companies and concommitant salaries.
The only real offset to that might be the grotesquely bloated housing prices.

Commercial tax is utterly viable to most jurisdictions, lowering it is unfortunately not a realistic option.

A better option is to offer headcount based tax breaks, but then it's just a race to the bottom.

The best option is really to create an environment in which businesses and individuals have the opportunity to prosper and leave it at that.

[trofirhen]

Originally Posted by LeftCoaster

Commercial tax is utterly viable to most jurisdictions, lowering it is unfortunately not a realistic option.

A better option is to offer headcount based tax breaks, but then it's just a race to the bottom.

The best option is really to create an environment in which businesses and individuals have the opportunity to prosper and leave it at that.

Yes, but precisely how?

[SFUVancouver]

Originally Posted by st7860

Commercial properties in Vancouver pay a larger percentage of taxes than in most ther cities.

A contrarian view has been put forward by KPMG in their annual Global Tax Competitiveness Index report, which astutely notes that municipal taxes are only part of the equation of what comprises a company's total tax burden. KPMG found that out of 100+ major world cities, Vancouver sits at #2 (second lowest) in their total tax index.

http://www.kpmg.com/Ca/en/services/T...ax-2014-en.pdf

[LeftCoaster]

Originally Posted by trofirhen

[/B]
Yes, but precisely how?

You want me to precisely describe how to create an economic and political framework that encourages opportunity and growth?

Sure, I'll just get back to you after a lifetime of research and study...

[trofirhen]

Originally Posted by LeftCoaster

You want me to precisely describe how to create an economic and political framework that encourages opportunity and growth?

Sure, I'll just get back to you after a lifetime of research and study...

I'm not asking you to defend your thesis, but just maybe give examples. You seem to have a strong financial background, so I was asking you to elaborate just a bit.
Maybe a few fresh ideas to think over?

[st7860]

Originally Posted by SFUVancouver

A contrarian view has been put forward by KPMG in their annual Global Tax Competitiveness Index report, which astutely notes that municipal taxes are only part of the equation of what comprises a company's total tax burden. KPMG found that out of 100+ major world cities, Vancouver at #2 (second lowest) in their total tax index.

http://www.kpmg.com/Ca/en/services/T...ax-2014-en.pdf

When I was looking at US properties I was shocked at how high property taxes and condo fees are. Although Vancouver property prices may be a bit high but condo fees and property taxes are low....

[theKB]

Originally Posted by st7860

When I was looking at US properties I was shocked at how high property taxes and condo fees are. Although Vancouver property prices may be a bit high but condo fees and property taxes are low....

Have a look at some of the fees on doorman buildings in NYC. It's like a second mortgage.

[WarrenC12]

http://vancouver.ca/your-government/annual-budget.aspx

There it is. I haven't looked in detail, but I've heard an increase of 2.4%, a full 1% of which is due to new agreements with city staff.

Some items I noticed:

$20M on Burrard Bridge maintenance, $10M on improvements.

Social Housing - Southeast False Creek Area 3B (Total project budget $39.0 million) - this is spending from 2015-18. Does anybody know where this area is?

Purchase of 1050 Expo Blvd (Housing) [Total project budget $2.7 million] - I thought this was already part of the 13 sites or whatever # that was. If this is the site I'm thinking of.

Creekside Paddling Centre - False Creek Non-Motorized Boating Facility (Total project budget $3.2 million) - This better be for a lot more than dragon boating...

[misher]

Originally Posted by WarrenC12

Source?

I can confirm that Gregor told me this as well. The plan is to increase congestion to reduce road goers since if they decrease it more people will drive.

[misher]

Originally Posted by theKB

Have a look at some of the fees on doorman buildings in NYC. It's like a second mortgage.

I'm in the industry. This is because we keep our fees deceptively low so buildings fall apart or require huge levies later.