TransLink's Board of Directors voted to raise property taxes by 2.6 per cent to both residential and business properties on Friday.
The board's 2.6 per cent increase will apply to the transportation authority's 7.6 per cent share of overall total property taxes for homeowners, which adds up to a few dollars per month for the average taxpayer.
"In total, the tax increase on a $500,000 home will be $5 in 2008," TransLink Chair Dale Parker said in a release.
But Metro Vancouver businesses will be taxed an additional $9 million to help cover the $18 million shortfall originally cited by the transportation authority, after the cancellation of a parking tax, which raised $19 million in 2006 and $21 million in 2007.
The other $9 million from the $18 million shortfall is expected to be recouped from higher fares and cost savings from diesel fuel.
"There has been some recovery in higher fares, more people riding transit, so there's a little bit more fare revenue than expected," said Peter Louwe, spokesperson for TransLink.
"And some cost savings from things like diesel. The biodiesel is just not as expensive as they thought. And even though that's very marginal amounts, the volume of diesel and the volume of fares that we go through makes it a matter of millions (of dollars)," he said.
The board held a private meeting after hearing from several speakers from the public, but only one of those speakers raised a concern about a property tax increase.
The majority of speakers were more concerned about the board's closed-door meeting policy, which prevents members of the public from participating.
The property tax decision was made today in order for municipalities to be given enough time to adjust for tax assessment purposes.
With a report from CTV British Columbia's Dag Sharman
