Quote:
Originally Posted by Full Mountain
If they used the existing property tax system (residential and commercial) that $ figure would come down significantly. I wonder what a 10% increase in the property tax rate for the catchment area would raise over a couple of years.
Why would the city want to pay back a levy that built something that increased property values and made your home more desirable? Also as Cage mentioned there isn't money in the system to pay people back.
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According to the City/s Annual Report for fiscal 2011, Net taxes available for municpal purpose amounted to 1.467 billion. This line item covers: property taxes, community revitalization levy, business taxes, revenue in lieu of taxes, and local improvement levies and special taxes LESS provincial portion of property taxes.
For arguement sake lets put the catchment area at a generous 40% of total city area. A 10% property tax increase (round up to 150 million) at 40% catchment area would yield additional revenue of $60 million assuming you could get the province to forgo its 1/2 share of revenue increase. Or about 50 years to pay off the debt associated with the SE/NC LRT.
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