Assessment issues
Today's Province has a story on Southgate Church pastor Dave McTaggart's property tax bill. But digging a little deeper, the issue for Pastor Dave isn't so much the tax rate as it is the increase in his assessment value.
The McTaggarts own a 2.16 acre parcel at 1674 197A St. A quick check on Geosource shows how the assessed value of that property has spiked in recent years:
2002 - $426,000
2003 - $464,000
2004 - $503,000
2005 - $667,000
2006 - $739,000
2007 - $1,172,000
In five years, their property has tripled in assessed value (and doubled in the past two years). Tripled! I read a lot of real estate blogs from all across the Lower Mainland, and the McTaggarts aren't alone. Assessed values have exploded due to the real estate boom, and rural properties have been hit as their value climbs to stay in sync with the cost of buying property throughout Langley. This is the downside of personal wealth. The property tax system, as it is set up now, doesn't care about a homeowner's income or means, only their property value. that's why property taxes are called a "regressive" tax.
When the McTaggarts sell their property, they will make a handsome profit because their land has tripled in value. the downside is found in the meantime, with a higher property assessment.
The McTaggarts own a 2.16 acre parcel at 1674 197A St. A quick check on Geosource shows how the assessed value of that property has spiked in recent years:
2002 - $426,000
2003 - $464,000
2004 - $503,000
2005 - $667,000
2006 - $739,000
2007 - $1,172,000
In five years, their property has tripled in assessed value (and doubled in the past two years). Tripled! I read a lot of real estate blogs from all across the Lower Mainland, and the McTaggarts aren't alone. Assessed values have exploded due to the real estate boom, and rural properties have been hit as their value climbs to stay in sync with the cost of buying property throughout Langley. This is the downside of personal wealth. The property tax system, as it is set up now, doesn't care about a homeowner's income or means, only their property value. that's why property taxes are called a "regressive" tax.
When the McTaggarts sell their property, they will make a handsome profit because their land has tripled in value. the downside is found in the meantime, with a higher property assessment.