Mayor's Report - February 1999

In early January we received our 1999 property assessment notices from the BC Assessment Authority, and it is interesting to examine the statistics. Overall, the total residential assessment base in Belcarra increased slightly (+0.01%) while for School District No.43 the overall residential assessment decreased by -4.8%. However, since new construction accounted for 1% of the Belcarra's total assessment, the average assessment in Belcarra decreased by -1.0%. By comparison, province-wide assessments decreased by -0.8%, while the City of Vancouver decreased by -5.0%. Properties within the Lower Mainland that are either waterfront or have waterfront views have held their value or increased. ( "They don't make it anymore!" ) The question is: "How will these changes affect Belcarra's property taxes in 1999?"

The tax levy by the School District constitutes the largest portion (70%) of our residential property taxes, therefore the change in total assessment base relative to our neighbours is the largest factor affecting taxes. A look at the overall increase in net taxable residential assessed values for the municipalities comprising School District No.43 shows that Belcarra's assessments, which account for only 1.0% of the total, compared favourably to our neighbours:

The "bottom line" is that School District No.43 decreased by 4.8% compared to an average decrease of 1.0% in Belcarra. Consequently, Port Moody will pay a "decreased" share of the School Tax Levy relative to neighbouring Coquitlam and Port Coquitlam, while property owners in Belcarra can expect to pay a slightly greater "share" of School District Taxes in 1999!

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