Lake Country eyes 6.45% tax hike

[trock]

20 people live in a town. These 20 peoples property increases from 500k- 1million. Property taxes go up based on what? Theres same amount of people,same infrastructure, same cop,same fire dept,same school,same garbage collection, blablabla, you get the gist here I'm sure. Why does their property taxes go up? Based on assesed value , as an asset equity that municipalities, city councils use for leverage, like most people do with their banking institutions.

[Tack]

20 people live in a town. These 20 peoples property increases from 500k- 1million. Property taxes go up based on what? Theres same amount of people,same infrastructure, same cop,same fire dept,same school,same garbage collection, blablabla, you get the gist here I'm sure. Why does their property taxes go up? Based on assesed value , as an asset equity that municipalities, city councils use for leverage, like most people do with their banking institutions.

If everyone had the same price increase AND the town budget didn't increase, then their property tax would not increase either. In this hypothetical situation, their property tax would only increase because the town budget increased. The town budget always increases due to inflation. Additional increases would be for new services or unbudgeted/underbudgeted repairs (common with infrastructure). Property tax does not go up based on assessed value, but your proportionate share will go up if your value raises faster than others.

[trock]

20 people live in a town. These 20 peoples property increases from 500k- 1million. Property taxes go up based on what? Theres same amount of people,same infrastructure, same cop,same fire dept,same school,same garbage collection, blablabla, you get the gist here I'm sure. Why does their property taxes go up? Based on assesed value , as an asset equity that municipalities, city councils use for leverage, like most people do with their banking institutions.

If everyone had the same price increase AND the town budget didn't increase, then their property tax would not increase either. In this hypothetical situation, their property tax would only increase because the town budget increased. The town budget always increases due to inflation. Additional increases would be for new services or unbudgeted/underbudgeted repairs (common with infrastructure). Property tax does not go up based on assessed value, but your proportionate share will go up if your value raises faster than others.

You would hope and believe that is the case, yet it's not. There's always some generated reason(excuse) to increase property taxes in those situations. They still increase property taxes based on assessment value. Its not always proportional to services needed.

[Tack]

If everyone had the same price increase AND the town budget didn't increase, then their property tax would not increase either. In this hypothetical situation, their property tax would only increase because the town budget increased. The town budget always increases due to inflation. Additional increases would be for new services or unbudgeted/underbudgeted repairs (common with infrastructure). Property tax does not go up based on assessed value, but your proportionate share will go up if your value raises faster than others.

You would hope and believe that is the case, yet it's not. There's always some generated reason(excuse) to increase property taxes in those situations. They still increase property taxes based on assessment value. Its not always proportional to services needed.

Simply put it's proportionate to the budget. If they didn't increase the budget they couldn't increase property taxes (assuming in our hypothetical case nothing changes, no more houses), that would be against the tax laws in BC. However, I don't disagree they will find a reason to increase the budget, which will drive the tax increase.