Bad news, it looks like we might have traded one bunch of scoundrels in for another.
For all of his faults, it could be said of ex-mayor (Wayne) Baldwin that he was focused on bringing in new tax dollars through growing the community’s vibrancy and tax base.
If only he’d respected the OCP he might have gotten a pass.
Now we have a new bunch of leftists in charge who are keen to tax “empty” homes at an exorbitant, unique-to-White Rock, rate of five per cent (Vancouver is one per cent).
Except for Vancouver, no other jurisdiction in the province has implemented this tax, although Victoria would like to.
Although this doesn’t hit me directly, it will put White Rock way out of line with all other communities in the province and will certainly affect property values in the city, in an already declining market.
So if a person purchases a property for $500,000 and uses it three months a year, the tax will be about $25,000 per year, plus basic property tax.
Then there’s the 2.5 per cent anti-flipping tax, but that’s another subject.
I’ve sent three emails to White Rock politicians, but no response.
I’d say the honeymoon is over. Taxes will be going up, property values will be going down.
Bruce Fraser, White Rock