These proposals would add about $8 to every property tax bill in the region
Metro Vancouver has recently approved two new additions that will be added to its 2020 budget, this could possibly add around $8 to the average property tax bill of every home in the Metro Vancouver region.
By an unanimous vote, the board approved including in its draft budget an extra $4 million for regional parks and $4 million for affordable housing for next year.
If passed in the final budget later this year, around a million homes in Metro Vancouver will see the increase reflected in their tax bills — part of about $500 that Metro Vancouver collects from the average household each year.
The $4 million for housing is intended to be an annual levy, while the $4 million for regional parks is scheduled to increase to $8 million in 2021, $12 million in 2022, $16 million in 2023 and $20 million in 2024. Rising $4 million per year, regional parks are receiving much more funding.
If you wonder where your Metro Vancouver dollars go, in 2019, Metro Vancouver collected $534 in property taxes from the average home, with most of that going towards water and waste utilities
500 New units of housing are coming to Metro Vancouver, Both recommendations had already been approved by committees of Metro Vancouver which brings together representatives of 21 municipalities in the Lower Mainland.
Metro Vancouver currently operates 49 housing sites for more than 9,000 people, mostly two or three-bedroom homes in Vancouver, New Westminster, Richmond or Surrey. Rent is either tied below the area's market value or based on the renter's income.
It's estimated the levy could create an additional 500 units over the next decade.
As for the parks levy, Metro Vancouver says the additional $60 million over five years will help it purchase of the 1,286 hectares "of properties of interest for regional parks and greenways," and allow it to improve some of the 22 regional parks already in its portfolio.
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Summarized by: Onur Gul on instagram at @onurgulfilm