A letter writer says by legislation

No windfall for TransLink

Transit coffers can’t cash in on rising property values: acting CEO.

Property tax is an integral part of funding Metro Vancouver’s integrated transportation system and keeping it in a state of good repair. This includes our transit service (bus, SkyTrain, SeaBus, Canada Line, and West Coast Express) as well as maintaining, operating and rehabilitating the major road network and bridges that TransLink manages.

In his column “Real estate’s rapid rise” (The Leader, Jan. 8), Frank Bucholtz suggests TransLink might seek to take advantage of the boom in assessed values to collect a larger portion of tax than it typically would.

It’s important to note that, by legislation, TransLink’s property tax revenue is only allowed to grow by a maximum of three per cent each year, therefore the property assessment value does not impact the revenue collected for TransLink.

For the homeowner, the percentage increase has been actually much less as the region continues to grow with more new homes and businesses.

This has resulted in the actual tax increases being, on average, in the one-per-cent range per household to achieve TransLink’s allowable three-percent growth in property tax revenue.

In the meantime, TransLink continues to focus on finding cost savings and efficiencies to ensure that both passengers and taxpayers get the best value for their money from the services TransLink provides.

 

Cathy McLay

Acting Chief Executive Officer and Chief Financial Officer

TransLink

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