From todays Vancouver Province, higher assessments on some single family homes leads to a jump in property tax bills:
Mario Tomsich is one of thousands of single-family Vancouver homeowners whose property taxes have surged an average of 14.2 per cent, seven times the rate of inflation.
“The taxes are just skyrocketing because of the value of the property,” the 75-year-old Vancouver landlord said yesterday. “If it keeps going like this, I would have to do something about it. People have been forced to sell their homes.”
Vancouver budget director Annette Klein said the 1.23-per-cent tax increase approved by city council was not reflected for single-family dwellings because their assessed values shot up 30 per cent.
They jumped 15 per cent above the average for the residential class, including condos. Property taxes are based on assessed values.
“Single-family homes are picking up more of the overall [tax] revenue,” Klein said. “They are compensating for slower growth in condos.”
This is the first I’ve heard of slower growth in condo property tax – is there an imbalance in the system and should we expect higher tax rates on condos in the future?