Even bigger property tax hike coming

[Tik-Tok]

So they choose to use the $52mill. surplus to pretty much negate the impact to our wallets for the 2014 tax hike, and now they're going to tax us high and dry.

Every single fucking property along side the river should be bought, and turned into park space FFS.



http://www.cbc.ca/news/canada/calgar...axes-1.2458953

A new report has found 2,300 homes in Calgary saw their market value drop as a result of the June flood. City assessors say the decrease in value is worth a total of $316 million.

The amount of tax paid by a homeowner is based on an annual assessment of the value of their property.

City assessors say the loss in value will mean about $2 million less in tax revenue from those homes next year.

Mayor Naheed Nenshi says he's not surprised by the numbers. In fact, he thought it might have been worse.

“I have been a little bit concerned since the flooding happened that the impact of the flood on the properties that were flooded and the reduction of their property values would have an impact across the whole community."

Nenshi says he's not sure if Calgary is eligible to apply for a provincial program to assist municipalities hurt by lower tax revenues caused by lost property values.
To make up for the shortfall, homeowners in non-flood areas will likely see a slight rise in their taxes in 2014.

Property assessment notices will be mailed out in early January.

Calgary homeowners were already facing a tax hike of about five per cent for the upcoming year to cover off increases in municipal spending; however, a tax rebate announced at the end of November could offset the increase.

[speedog]

What of this tax rebate mentioned at the end of the article? Is this something different than the $52 million?

[Tik-Tok]

Originally posted by speedog
What of this tax rebate mentioned at the end of the article? Is this something different than the $52 million?

No, it's THE $52 million. They choose to "rebate" the 52mill back to us, on our 2014 property tax bill. So although it was a 5% hike, we would not have to actually pay the extra out of our wallets.

Then they were going to use $52mill from future taxes to use on transit over the next 3 years.

[Sugarphreak]

...

[kertejud2]

Originally posted by Tik-Tok

Every single fucking property along side the river should be bought, and turned into park space FFS.

To create an even bigger amount of lost tax revenue?

[Go4Long]

Here's the problem though, the value of properties above grade near the core went up, I'd like to see how that math calculates in to the "shortfall" they are talking about.

Once again we're getting pissed on by the "fiscal conservatives" in city hall, and they're trying to convince us it's raining.

And for what? Wasn't part of our increase from last year to fund COMPLETE city plowing including all side streets? because a plow hasn't been within 5 blocks of my street.

Not that it really matters, since even if they didn't lose value we'd all get screwed by the assessment anyway, everyone's house would just randomly be assessed to be worth 6% more than last year

[Xtrema]

Originally posted by Go4Long
Not that it really matters, since even if they didn't lose value we'd all get screwed by the assessment anyway, everyone's house would just randomly be assessed to be worth 6% more than last year

I thought value going up means everyone pays less because total is more than budgeted?

What don't they just come up with a easier to understand formula? Just set rate at 0.5% of your assessed value and call it a day.

[Go4Long]

The assessment is a manipulated number. So if they are projecting a bigger shortfall they raise the assessed value AND your taxes and Voila they make 7% look like 5% and everyone dances in the street because their assessment means they qualify for a bigger HELOC...or something.

[themack89]

Nenshi is a genius... His tax hikes are largely targeted towards those who wouldn't have been voting for him in the first place. The twitter, youtube, and facebook crowd (young liberal, new age voters) are mostly all still there to back him up come election time!

[kertejud2]

Originally posted by Go4Long
Here's the problem though, the value of properties above grade near the core went up, I'd like to see how that math calculates in to the "shortfall" they are talking about.

The problem is that the homes that went up in value didn't outweigh the ones that went down. Some of the homes in Riverdale alone are looking at a $1M+ drop. In Elbow Park all the previously most expensive homes are seeing six figure price drops.

So while it seems like there's an idea that the riverfront folks are getting a break, they're still subject to the same property tax increases, they just have homes that are now worth less (so for example some homes could be going from $12,500 a year in property tax to $9500 a year, but will still be paying the same rate) which is the problem the article outlines.

[Mibz]

Originally posted by Go4Long
a plow hasn't been within 5 blocks of my street.

Now now, let's not be dramatic. The construction crews plowed the new development at the South end of Walden Blvd. That's like 3 blocks from your house :P

[Feruk]

Originally posted by themack89
Nenshi is a genius... His tax hikes are largely targeted towards those who wouldn't have been voting for him in the first place. The twitter, youtube, and facebook crowd (young liberal, new age voters) are mostly all still there to back him up come election time!

74% of voters are the twitter, youtube, facebook, new age, young liberal crowd? Doubt it.

[Mibz]

Eh, he got 200,000 votes. That's only 17% of the population of the City. I think the uneducated liberal renter working retail demographic could fill that.

[Masked Bandit]

I think these depressed home values along the river & such are a short term thing. I suspect within three or four years, assuming nothing else happens, people will forget about everything and the prices will go back up.

[Sugarphreak]

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[kertejud2]

Originally posted by Mibz
Eh, he got 200,000 votes. That's only 17% of the population of the City. I think the uneducated liberal renter working retail demographic could fill that.

Which means the educated people weren't able to find the voting stations?

Low voter turnout is a passive acceptance of the status quo, always has been.

[Mibz]

That last sentence was a joke, but I'm not disagreeing with you.

[ercchry]

if they went and reassessed all my god damn neighbors we probably wouldnt have any increase

every single one of them is under land value... except me, cause i got reassessed when i bought the place