Thursday, June 12, 2008

Property taxes up again

Property tax notices have arrived. These are opened with notably less glee than that experienced at xmas time.

House values are way up, so assessments are up, so I guess that means property taxes should be up to, right?

Wrong ...

Property taxes pay for services the city provides to its citizens. How does the changing value of your house have anything to do with that?

It doesn't ...

Property taxes are up because municipal spending is out of control. In fact, a Canadian Federation of Independent business study shows that in British Columbia, municipal spending grew by almost 36% while inflation and population grew by only 20%. So spending grew almost twice as fast as population and inflation.

When spending consistently exceeds population growth, property taxes and user fees will grow faster than inflation. This is unsustainable, as it puts a great burden on already overstretched families and businesses. It's time to rein in municipal spending.

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