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

Just Posted

‘Not much has changed’: Why overcrowding in Surrey schools has persisted for decades

FINAL IN A SERIES: Education minister, longtime trustee weigh in on packed Surrey schools

City, RCMP tackling “distressed” Surrey properties

The idea is to improve public safety and social concerns in Surrey’s neighbourhoods

Once-homeless Lower Mainland veteran hopes government provides help

James French, formerly Sgt. French, found himself on the streets in Langley a few years ago

Annual party at Science World helps fund Surrey student field trips there

Video by Newton-area student Ali Naqib shows him and classmates at 30-year-old Vancouver landmark

VIDEO: Rare white killer whale captured by drone near Campbell River

The transient orca has been named Tl’uk, a Coast Salish word that means ‘moon.’

Licence issue delays boozing while cruising on BC Ferries

Planned June launch for alcohol sales delayed

B.C. school mourns after 13-year-old killed by fallen tree on field trip

Teenager died after being struck and pinned by tree while on a field trip near Sooke

B.C. temporarily halts resource development to protect caribou

The caribou population in northeastern B.C. has dwindled over the last two decades

Students disciplined after anti-LGBTQ signs posted in Kamloops high school

Vessy Mochikas, SD73’s principal for inclusive education, called incident a learning opportunity

‘The Fonz’ gives thumbs up in letter to dyslexic students at B.C. school

Students in Maple Ridge reached out to Henry Winkler after reading one his Zipster books.

B.C. teen killed by falling tree near Victoria

Second youth also injured in freak incident during field trip at Camp Barnard near Sooke

Commercial fishers in B.C. now required to wear life-jackets on deck: WorkSafeBC

WorkSafeBC reports 24 work-related deaths in the commercial fishing industry between 2007 and 2018

Most Read