Crack Shack or Mansion? (Vancouver Edition)

[crazy canuck]

I'm not really enjoying - I don't see any real upside to me of real estate prices wildly increasing, as I don't have any plans to sell and move (elsewhere). All it is likely to do is result in increased tax assessments on the one hand, and increased chances that the market will crash and burn with bad economic consequences on the other.   

If all prices rise relatively equally you will not have an increase in property taxes.   The problem comes if your property rises faster than others.

[Malthus]

I'm not really enjoying - I don't see any real upside to me of real estate prices wildly increasing, as I don't have any plans to sell and move (elsewhere). All it is likely to do is result in increased tax assessments on the one hand, and increased chances that the market will crash and burn with bad economic consequences on the other.   

If all prices rise relatively equally you will not have an increase in property taxes.   The problem comes if your property rises faster than others.

I dunno. My tax bill is a straight calculation based on assessed property values. I suppose they get around to adjusting the base rates - eventually - if property values go up all over the city, but the observed affect, so far, is increased taxes.

[Neil]

Crack shack.

I understand a person from Edmonton would have difficulty recognizing where a team that makes the playoffs plays its games.

Interesting fact:  5 cups is more than 0.

[crazy canuck]

I'm not really enjoying - I don't see any real upside to me of real estate prices wildly increasing, as I don't have any plans to sell and move (elsewhere). All it is likely to do is result in increased tax assessments on the one hand, and increased chances that the market will crash and burn with bad economic consequences on the other.   

If all prices rise relatively equally you will not have an increase in property taxes.   The problem comes if your property rises faster than others.

I dunno. My tax bill is a straight calculation based on assessed property values. I suppose they get around to adjusting the base rates - eventually - if property values go up all over the city, but the observed affect, so far, is increased taxes.

More evidence the GTA is screwed up.

[Barrister]

Crack shack.

I understand a person from Edmonton would have difficulty recognizing where a team that makes the playoffs plays its games.

Interesting fact:  5 cups is more than 0.

Another Edmontonian resting on the laurels of Wayne Gretzky and the 1980s.

[Neil]

Crack shack.

I understand a person from Edmonton would have difficulty recognizing where a team that makes the playoffs plays its games.

Interesting fact:  5 cups is more than 0.

Another Edmontonian resting on the laurels of Wayne Gretzky and the 1980s.

CC desperately wants me to be that guy, so I guess I'll oblige him.

[Barrister]

Crack shack.

I understand a person from Edmonton would have difficulty recognizing where a team that makes the playoffs plays its games.

Interesting fact:  5 cups is more than 0.

Another Edmontonian resting on the laurels of Wayne Gretzky and the 1980s.

CC desperately wants me to be that guy, so I guess I'll oblige him.

Fair enough. 

[Ideologue]

So I finally played the game and, well, holy shit.

Dieback now.

P.S.: in this regard, Seattle is different from Vancouver, right?  Right.

[garbon]

So I finally played the game and, well, holy shit.

Dieback now.

P.S.: in this regard, Seattle is different from Vancouver, right?  Right.

Yes, it is less lovely.

[Malthus]

More evidence the GTA is screwed up.

How do they work property taxes in the paradise of Vancouver? 

[Eddie Teach]

P.S.: in this regard, Seattle is different from Vancouver, right?  Right.

Are you planning a move to Seattle or something?

[crazy canuck]

CC enjoys laughing at me playing the part of the typical Northern Albertan dreaming of the glory days (since Edmontonians have nothing else to fill our empty lives), so I guess I'll oblige him.

FYP

[crazy canuck]

More evidence the GTA is screwed up.

How do they work property taxes in the paradise of Vancouver? 

Apparently Vancouver is a paradise for a number of reasons.

If property prices go up 30% that does not mean that somehow the city's revenues go up 30%.  The city produces a budget of expenditures and creates a mill rate that will generate that tax.  If the budget remains the same year over year (Yeah I know not going to happen but it helps demonstrate the point) then even if all property values increased 30%, the amount of tax paid remains the same.  As I said, if all other things are equal the only way you pay more tax is if your property increased in value more than other properties.

I thought everyone did it this way but a quick google search shows that Ontario moved away from this system and it looks like seven different categories of property were created and each of them are taxed differently.  So yeah, I stand by my original statement.

[Jacob]

So I finally played the game and, well, holy shit.

Dieback now.

P.S.: in this regard, Seattle is different from Vancouver, right?  Right.

Yes, it is less lovely.

Most of the "crack shacks" in that survey where not actually from Vancouver.

[Malthus]

More evidence the GTA is screwed up.

How do they work property taxes in the paradise of Vancouver? 

Apparently Vancouver is a paradise for a number of reasons.

If property prices go up 30% that does not mean that somehow the city's revenues go up 30%.  The city produces a budget of expenditures and creates a mill rate that will generate that tax.  If the budget remains the same year over year (Yeah I know not going to happen but it helps demonstrate the point) then even if all property values increased 30%, the amount of tax paid remains the same.  As I said, if all other things are equal the only way you pay more tax is if your property increased in value more than other properties.

I thought everyone did it this way but a quick google search shows that Ontario moved away from this system and it looks like seven different categories of property were created and each of them are taxed differently.  So yeah, I stand by my original statement.

I dunno how Ontario municipalities adjust the base rate for residential properties.

Considering that property values have been rising in Toronto at much more than the rate of inflation, and yet Toronto *still* is chronically underfunded in spite of the Ford Bros. cutting such stuff as libraries, I assume it has some sort of adjustment factor.