[StylinRed]

Council approves residential taxpayer increase
New parking bylaw also kicking in
Irfaan Gaffar/Connie Thiessen Dec 18, 2009 10:27:15 AM
7 Recommendation(s)

VANCOUVER (NEWS1130) - Vancouver City Councillors have approved the city's 2010 operating budget with residential taxpayers facing a 2.2 per cent rate increase. While the city found money to keep the Riley Park library branch open, some community centre and library programs found themselves on the chopping block.

Lone NPA councillor Suzanne Anton wasn't happy. "When people are hard up and we all know that to be true that's when you keep your library programs, that's when you keep your community centre programs. That's when they are most important."

Mayor Gregor Robertson says he thinks council had to make tough decisions. "I think we've found a balance between keeping property tax increases low, as low as possible, but protecting the core services and really critical services for vulnerable people, for homeless, for public safety, environment and the arts. Areas that basically this council was elected to represent."

City councillors also decided to go ahead with a new parking bylaw that will extend city parking meter hours until 10 p.m. and bring rates at some meters to six dollars an hour. The fare hike is kicking in because the city is expected to lose about $1.8 million due to parking restrictions during the Olympics.

http://www.news1130.com/news/local/article/9580--council-approves-residential-taxpayer-increase

[MG1]

Just the beginning..................



http://i204.photobucket.com/albums/bb75/89blkcivic/Iceberg_Tip.jpg

[hotjoint]

wow, speechless...

[quasi]

Stupid question but where does all the money collected from ticket sales to Olympic events go? Does it go to the IOC, the venue owner or to the City?

[q0192837465]

^ it goes towards their fat bonuses for a job well done.

[quasi]

^ it goes towards their fat bonuses for a job well done.

I know it's not happening but logic would say you take some of that money and replace the revenue lost from parking during the Olympics. The only thing guaranteed is at the end of the day the Tax Payer will be screwed the hardest not that I really care it was totally expected I was just curious where it went.

[Greenstoner]

thank you Vancouver for providing us a good place to live.

Im tired of ranting increase of tax, nonsense law the government are making.. Now I will try to appreciate everything they do...





























Not !! FUCK YOU

[you!]

ohh fuck not again

[xpl0sive]

ok hold on. so VANCOUVER is going to "lose" 1.8 million because VANCOUVER is putting up parking restrictions because of the olympics, so VANCOUVER is going to raise the rates on the rest of the meters and extend the hours... WOW. way to pass the costs on to the residents

[q0192837465]

I know it's not happening but logic would say you take some of that money and replace the revenue lost from parking during the Olympics. The only thing guaranteed is at the end of the day the Tax Payer will be screwed the hardest not that I really care it was totally expected I was just curious where it went.

IRC, revenue lost from parking is an opportunity cost and should not be considered in the captial budgeing process. Logically the revenue should go to cover the operating expenses (ie. security, utility bills, salaries...etc.) Leftovers, if there's any, should be used to repay debt.

[TRD Rs200]

fuck, thats all they do. raise taxes

shit

[q0192837465]

I think this is a good time to bring up how valuable China is to our economy. We all despise goods from China. But if everything were to be made local at market value, just like the 2010 Olympic games, things will be so super expensive that no 1 can afford it. Just look at the way the governement raises tax to break even. Yes, incompetance pays a role but at the end of the day, things are just too expensive. China is very important in keeping our cost of living low.

[tool001]

'The fare hike is kicking in because the city is expected to lose about $1.8 million due to parking restrictions during the Olympics. "

yeh fucking rite, so parking rates will go down once the city makes up the loss.....

i just see the Councillors voting for another pay raise pretty soon....

[Greenstoner]

there were many people bashing China when they were having the Olympics.. things like evicting the residents..... Vancouver is sort of doing the same thing except they go around the problem to make us suffer... More people bashing China because they are communist and their image.

[xpl0sive]

I think this is a good time to bring up how valuable China is to our economy. We all despise goods from China. But if everything were to be made local at market value, just like the 2010 Olympic games, things will be so super expensive that no 1 can afford it. Just look at the way the governement raises tax to break even. Yes, incompetance pays a role but at the end of the day, things are just too expensive. China is very important in keeping our cost of living low.

and China's economy is just as dependent on the Western countries because without all the money going into China, they would not able able to function. They have no natual resources, no technology, they just make our stuff for us for cheap

[godwin]

That's a bit of an over generalisation.. they also hold the world largest supply of rare earth metals.. without them we will be stuck with machines with chips that runs in the Mhz instead of the Ghz.


and China's economy is just as dependent on the Western countries because without all the money going into China, they would not able able to function. They have no natual resources, no technology, they just make our stuff for us for cheap

[xpl0sive]

and would they have the equipment and resources to actually mine for these metals if it wasnt for the western world? if there was no money going into china, they would still be using mail as a means of mass communication

[Blinky]

and would they have the equipment and resources to actually mine for these metals if it wasnt for the western world? if there was no money going into china, they would still be using mail as a means of mass communication

Naw.

There is sufficient equipment and resources. You'd be surprised as to how much manpower is available, and what said manpower can do... think manual mining. You'd also be surprised at their industrial base.

[bigassbooger]

Just the beginning..................



http://i204.photobucket.com/albums/bb75/89blkcivic/Iceberg_Tip.jpg

thats a fucken AWESOME picture!
I was staring at it for like a good 5 minutes lol

[Harvey Specter]

Vancouver: A city that "pretends" to be world class.

[MG1]

thats a fucken AWESOME picture!
I was staring at it for like a good 5 minutes lol

It's an awesome photo that was in National Geographic magazine. Multiple pictures put together. Photographer knew he couldn't take such a picture, so he composed this. It was done to show people how much of an iceberg is actually underwater.

People say it's a fake, but the author never claimed it to be genuine. Nonetheless, it is an awesome picture. I saw a poster of it somewhere with a great caption under it.

[Mugen EvOlutioN]

now i really need a raise lol

everything is going up, except my pay

[LengJai]

I think this is a good time to bring up how valuable China is to our economy. We all despise goods from China. But if everything were to be made local at market value, just like the 2010 Olympic games, things will be so super expensive that no 1 can afford it. Just look at the way the governement raises tax to break even. Yes, incompetance pays a role but at the end of the day, things are just too expensive. China is very important in keeping our cost of living low.

After being in China for the first time of my life, and seeing all the stuff here, my perception of "China goods" and "Made in China" goods are actually very well made. We all bash (as I used to) things that were made in China, or people from China, but it is a HUGE generalization. Yes, Shen Zhen is a shit hole, quite possibly many other areas of China. But there are ALOT of talented people there as I met a few people my age in Beijing, and their lives, struggles and pursuits are much likes ours.
Yes they are communist, however, some aspects of how they run their government is worth learning from. Hearing this shit from Vancouver while I'm still here in China, makes me want to stay. I'm not saying everything that the Communist government does is the right thing, but there needs to be a balance.
I don't want to write an essay, on the comparisons, but while living in Vancouver for all my life, and experiencing the Hong Kong government as well as China's, I could say Vancouver's elected representatives are wishy washy, and a plain gong show. Hearing this crap makes me not want to come back.... ugh..

[StylinRed]

items can be made with great quality anywhere, but the quality determines the price

so cheap goods made in china (or anywhere for that matter) will suck its just that most of the cheapest items come from china so we associate Made In China=crap

[LengJai]

items can be made with great quality anywhere, but the quality determines the price

so cheap goods made in china (or anywhere for that matter) will suck its just that most of the cheapest items come from china so we associate Made In China=crap

they are cheap, but necessarily crap. yes, albeit, some thigns are super shit, but it's the wages. I feel horrible for many of the people that work for a dime here in China simply because their wages suck ass. But really, what can you do when you're butt fuck poor right?
The good thing is, ever since the olympics here, the government has been really anal about quality control on products. Many of the things they do here are of top quality and convenience.

[koukimonst3r]

I heard it's gon be $6/hr at the parking meters ): time to take the transit ugh
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[MG1]

I have no problem with quality. I worry more about the materials used. Melamine in foods, lead paint in products, chemicals, etc.

[goo3]

Stupid question but where does all the money collected from ticket sales to Olympic events go? Does it go to the IOC, the venue owner or to the City?

It goes to VANOC for running the Games.

[orange7]

Just the beginning..................



http://i204.photobucket.com/albums/bb75/89blkcivic/Iceberg_Tip.jpg


Nice pic! Got anymore?

[taylor192]

2.2% is within reason for inflation.

property taxes need to increase cause property values haven't increased, thus taxes collected haven't increased with inflation.

Vancouver property tax is ~0.65%, compare that to Toronto 1.2% and Ottawa 1.4% or Montreal 1.6% (all figures estimates from memory) and Vancouver property taxes are more than affordable.

[Qmx323]

and the 2010 fanatics just keep praising the olympics

[+Kardboard+]

2.2% is only half of it. There's another 2ish % that's being "transferred" from another charge.

"We're not going to raise property taxes like the NPA."

You're raising way more than what they proposed, Mayor GREG (apparently he hates being called "Greg" :p), and at least they do sh!t with the money. Happy Planet my fat Asian rear.

[azzurro32]

Living in Vancouver is like playing a game of monopoly where all the "chance" cards are against you.
Posted via RS Mobile (http://www.revscene.net/forums/announcement.php?a=228)

[+Kardboard+]

No kidding. I'm still stuck with a stupid dog and one red house.

[RenoMan]

^ at least you have the set of land to afford the red house haha

[Shead]

thx you vancouver, please just pull the trigger and end my enslaving low waging life.

[!SG]

yeah, but property tax is based on property value, and property value is over inflated in vancouver.

but i agree that the slight raise is within reason, as it matches inflation.

property value has balooned compared to the past decade. if it was a gradual increase, then i dont think it would have been such a hot topic. property value doubling if not tripling within a decade is a tad much dont you think? its great if what u do is flip the property though...

2.2% is within reason for inflation.

property taxes need to increase cause property values haven't increased, thus taxes collected haven't increased with inflation.

Vancouver property tax is ~0.65%, compare that to Toronto 1.2% and Ottawa 1.4% or Montreal 1.6% (all figures estimates from memory) and Vancouver property taxes are more than affordable.

[LiquidTurbo]

yeah, but property tax is based on property value, and property value is over inflated in vancouver.

but i agree that the slight raise is within reason, as it matches inflation.

property value has balooned compared to the past decade. if it was a gradual increase, then i dont think it would have been such a hot topic. property value doubling if not tripling within a decade is a tad much dont you think? its great if what u do is flip the property though...

Why exactly is property value so over inflated in Vancouver?

[!SG]

my theory is based on the simple supply and demand.

like at an auction, the winner is the highest bidder. Vancouver overall really does have a housing issue. for the population we have, the level of housing is far below what we need. this coupled with the immigration boom, fueled by the idea that everyone needs to own their own property and increase equity, means that ppl are willing to bid higher prices or at least closer prices to the asking price.

demand is high, supply is at a steady growth, thus following the 2 lines, ppl can dictate a higher asking price.


say you had the last chocolate chip cooking in all of vancouver, you throw it out there for $5 bucks for that cookie, what you feel, and assess is the value for that one cookie. but there are 20 ppl out there that want that chocolate chip cookie. chances are, the first bid for that cookie will be close to if not on par for ur asking price. the next person see's it as, hey, 5% more than the previos bidder isnt soooooo bad, i can spare that, i really want that chocolate chip cookie. so on and so forth, u now got a chocolate chip cookie, that was originally asked for $5 bucks, going for $5.50, bids stop coming in, and u decide upon to take that persons offer.

now another chocolate chip cookie suddenly becomes available! that owner sees that you got 50 cents above ur asking price, so they figure hey, why not push it for $5.25 to start... so on and so forth. those original 19 ppl that wanted that chocolate chip cookie, now have an option, and human behaviour dictates that they may be more willing to pay that slightly higher price, because they really want it.

are we hungry yet? hahahaha

then there are other factors like, inflating the value to cater to a higher clientel, stuff like that. marketing a brand, or a location to a higher clientel so that it seems more desirable for ppl to obtain.


Why exactly is property value so over inflated in Vancouver?

[MG1]

Economics 101 all over again............

if profs used cookie stories, I may have stayed awake during classes.

[!SG]

what was it that they used again?

waggles and gigets or something? hahaha

im pretty sure im over simplifying things. but comes down to what the "market can bare" and if u have a bunch of ppl willing to bare upward changes to the price, then whats stopping ppl for asking for higher prices or even realtors from displaying higher prices.



Economics 101 all over again............

if profs used cookie stories, I may have stayed awake during classes.

[taylor192]

yeah, but property tax is based on property value, and property value is over inflated in vancouver.
I pay $3K in taxes on my $220K (assessed value, real value is ~$300K) townhouse in metro Ottawa (equivalent of living in Killarny)
To pay $3K in property taxes here I'd have to own a $500K property, which is about the price of a townhouse in Killarny.

If Vancouver property values weren't over-inflated, property tax would be a steal. This is the problem with house values that in 2009 have only just gotten back to the 2008 peak, thus no gain, so taxes have to go up instead.

With the way property values are assessed there is a 3 year delay in assessing property values, so look for bigger tax increases in 2 years.

property value has balooned compared to the past decade. if it was a gradual increase, then i dont think it would have been such a hot topic. property value doubling if not tripling within a decade is a tad much dont you think? its great if what u do is flip the property though...
Property values have gone up > 100% since 2002 in some areas of Vancouver, 60-80% in most areas.

This is terrible for the economy. Eventually the lure of the mountains/ocean and Asian/Indian immigration cannot compete with such high costs of living. I think after the Olympics we'll see people leave Vancouver. Some of the young (25-35yos) people I've met moved here from eastern Canada cause of the hot job market and Olympics, yet aren't going to settle here due to high costs of living as they've realized it just costs too much. Once they start families, they'll retreat back across the country.

It happened before, people left BC cause it was uncompetitive to live here in the 90s. The lure of the mountains/oceans does not trump all as many would believe.

[!SG]

no kidding, though im young, make decent, but nothing to be wow'd about, my cost of living compared to income, means that its nearly impossible to own a home, a large home, compared to when my parents bought their home, and the income they earn'd and their cost of living at the time.

im stuck to condos.

inflating vancouver's property values so that property tax amount could be at a level that the vancouver gov't could use is no excuse for gov't revenue generating.

thats funny how your assest value is lower than the real value. the opposite is true in vancouver's market.

I pay $3K in taxes on my $220K (assessed value, real value is ~$300K) townhouse in metro Ottawa (equivalent of living in Killarny)
To pay $3K in property taxes here I'd have to own a $500K property, which is about the price of a townhouse in Killarny.

If Vancouver property values weren't over-inflated, property tax would be a steal. This is the problem with house values that in 2009 have only just gotten back to the 2008 peak, thus no gain, so taxes have to go up instead.

With the way property values are assessed there is a 3 year delay in assessing property values, so look for bigger tax increases in 2 years.


Property values have gone up > 100% since 2002 in some areas of Vancouver, 60-80% in most areas.

This is terrible for the economy. Eventually the lure of the mountains/ocean and Asian/Indian immigration cannot compete with such high costs of living. I think after the Olympics we'll see people leave Vancouver. Some of the young (25-35yos) people I've met moved here from eastern Canada cause of the hot job market and Olympics, yet aren't going to settle here due to high costs of living as they've realized it just costs too much. Once they start families, they'll retreat back across the country.

It happened before, people left BC cause it was uncompetitive to live here in the 90s. The lure of the mountains/oceans does not trump all as many would believe.

[Ducdesmo]

" City councillors also decided to go ahead with a new parking bylaw that will extend city parking meter hours until 10 p.m. and bring rates at some meters to six dollars an hour. The fare hike is kicking in because the city is expected to lose about $1.8 million due to parking restrictions during the Olympics. "

So the fare hike is to offset the loss of revenue during Olympics. But I'm willing to bet that it will be here to stick around.

[MG1]

Does Vancouver let veterans park for free?

[Ulic Qel-Droma]

^
no.

[q0192837465]

I wonder if people will start having trouble payng huge property taxes. I mean the tax is base on house value. Say someone who bought their house 30 yrs ago. Now they're retired but that house price keeps climbing. Each year, they have to pay more & more on property tax. It'll eventually eat into their retirement savings & they'll have no choice but to sell the house.

[Expresso]

Add on top Translink got the city to approve PST increase on parking services to 21%! wtf.

[q0192837465]

We bash China for being communists. But some aspects of our "democracy" are not that far from communisum

[antonito]

We bash China for being communists. But some aspects of our "democracy" are not that far from communisum

I think the proper term is "dictatorship" :haha:

[taylor192]

I wonder if people will start having trouble payng huge property taxes. I mean the tax is base on house value. Say someone who bought their house 30 yrs ago. Now they're retired but that house price keeps climbing. Each year, they have to pay more & more on property tax. It'll eventually eat into their retirement savings & they'll have no choice but to sell the house.

I was having this discussion with a Realtor a couple days ago.

In Vancouver seniors can apply to pay less property tax, meanwhile in NYC if you cannot pay your property tax, the city forces you to sell.

So 2 very different approaches - which is better?

I contend that anyone sitting on $Ms of assets has no right to ask for a handout. It sucks to have to sell your home and move, yet any home west of Main St is worth > $1M and would go a long way toward financing a nice retirement.

Besides, we're all buying homes now as investments, we shouldn't be surprised to have to sell them one day to cash in on the equity.

[J____]

items can be made with great quality anywhere, but the quality determines the price

so cheap goods made in china (or anywhere for that matter) will suck its just that most of the cheapest items come from china so we associate Made In China=crap

actually your wrong, reputation determines the price. Quality is just one of the by products of gaining that reputation. If Ferrari can make shit shit quality cars that have horrible performance while still being able to maintain their current reputation and sell cars for $300,000+, they would.

[J____]

I was having this discussion with a Realtor a couple days ago.

In Vancouver seniors can apply to pay less property tax, meanwhile in NYC if you cannot pay your property tax, the city forces you to sell.

So 2 very different approaches - which is better?

I contend that anyone sitting on $Ms of assets has no right to ask for a handout. It sucks to have to sell your home and move, yet any home west of Main St is worth > $1M and would go a long way toward financing a nice retirement.

Besides, we're all buying homes now as investments, we shouldn't be surprised to have to sell them one day to cash in on the equity.

it's not much of an investment if your house is your main and only dwelling. 10 years down the road it'll increase in value, but so is everything else, you sell it chances are you'll have to put that money back to buy another place or move away from the city.

[Carl Johnson]

Not related to this thread but too lazy to start another thread

so got this in the mail from BCIT, just great isn't it as if the parking fee itself isn't already high enough.


Subject: Tax on Parking - Important Notice
Date: Dec 17, 2009 2:21:10 PM

TransLink Provincial Sales Tax

The provincial sales tax (PST) rate on parking is increasing from 7% to 21% on January 1, 2010.

BCIT parking rates will be adjusted in compliance with this tax increase.

For details on rates at all BCIT campuses and links to more information on this increase visit: bcit.ca/parking

[ziggyx]

^^ Oh man I hope UBC doesn't follow up on that.. but I have a feeling they will too.

[hotjoint]

taxes, taxes, taxes and more taxes, its neverending.....

[q0192837465]

^ The great thing about taxes is that once they'r here, they'r here for good.