Property taxes in Metro Vancouver are going up as The South Coast British Columbia Transportation Authority [TransLink] moves to fund its ongoing expenses, including maintenance of the region's road and transit network.
It means taxes for a home with an assessed value of $600,000 -- the average for a residence in Metro Vancouver -- will go up by $16 in 2009.
See related links: TransLink releases 2009 property tax rates
Homeowners will be assessed $36.77 per $100,000 of assessed value, with the total for the average home amounting to $221.
The increase in TransLink's portion of residential property taxes represents a rise in the overall amount for an average residential property of less than 1 per cent.
Business property taxes will increase by an average $59 over 2008 amounts, based on an assessed value of $1.7 million. The business property tax rate will be $172.96 per $100,000 of assessed value, or $2,975 for the average business in the region.
In total, property taxes will contribute just over $263 million towards TransLink's 2009 budget of $1 billion, an increase of 3.0 per cent over 2008.
