Friday, May 07, 2010

All The Juice That Fits In North East False Creek


Mike Howell, writing in The Courier, has the story of a Developer (that is not from Vegas and/or, to the best our knowledge, does not have the Gambling Commission hanging on by the skin of its teeth) who is getting a pretty sweet deal on the taxes on a big chunk of downtown property:

The city (of Vancouver) will review why a nine-acre waterfront property in Northeast False Creek has been assessed at surprisingly low values for almost a decade.

NPA Coun. Suzanne Anton said she received an email Monday from city manager Penny Ballem in which Ballem indicated the city will investigate why the B.C. Assessment office set the property's value at $400,000 this year.....


Lemme get this straight....

The fine folks from Concord Pacific who own that monstrous chunk of downtown land are paying considerably less tax on it than I pay on my 1940's era bungalow that sits atop a slightly-smaller than regulation-sized lot in the near-Eastern Townships?

Now that sure seems fair don't ya think?


Oh, and for the record all those acres were actually appraised at.....Get this!.....$192,000 last year...which, if I've got the numbers right would be about cover the value of the dirt my garage sits on......Sheesh....And don't give me any of this codswallop about how the land value is low because they are supposed to build a park on it in lieu of services previously rendered....Maybe if we appraised it appropriately they would actually have an impetus to actually get moving and do the right thing
Original Link Source: FABula.


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