2019 Property Assessments, actual versus potential use, partial relief — UPDATE
As noted in previous posts, some properties in Port Moody have seen assessments rise very considerably based on “potential use” in the city’s Official Community Plan (OCP). This has a huge impact on property taxes for those who don’t qualify for relief, e.g., not residential owner-occupiers for 10+ years.
In September 2018, then mayor Mike Clay wrote a letter to BC Housing Minister Selina Robinson to outline some concerns, and included examples such as the partnership for affordable housing and other non-profit uses at the St Andrews United Church site (under redevelopment on St Johns Street, 2300 block, north side); and also the Flavelle mill site just west of Rocky Point Park, which was approved in 2018 in principle for rezoning from M3 Industrial to comprehensive development (though it is currently still operating as a mill and may be for some time).
In February 2019, the BC legislature approved Bill 42, which provides relief for some industrial properties such as the Flavelle site. Other ’employment’ properties such as M1 (light industrial) on Murray Street, and elsewhere, have not received any notice of relief. However, see excerpt below from Minister Selina Robinson.
2019-Bill 42-assessments (PDF)
“My ministry is undertaking a review of the highest best valuation impacts on other property classes that are dealing with similar issues in addition to ongoing work on identifying property tax mitigation strategies for small businesses subject to triple-net leases. We’ve already started to undertake that work, and its work that’s going to continue to proceed going forward.” (Excerpt from Hon. S. Robinson; see page 4 from Bill 42 link above)
The assessment issue, i.e., valuations on potential (not actual) use also affects residential properties that are not currently being contemplated for rezoning. The effect is particularly significant for areas re-coloured on the OCP map for potential multi-family housing.
In the council agenda package for April 23, 2019, “Council Correspondence” contains another letter to Minister Selina Robinson referring to properties not touched upon in the former letter. The letter is shown below, followed by the earlier letter of September 17, 2018.
PDF version of the above available at link below.
2019-04-23-letter to Selina Robinson re assessments and tax based on potential use (PDF)
Complete letter at PDF link below.
2018-09-17-letter to Selina Robinson re assessments and tax (PDF)
The Moody Centre Community Association welcomes your comments.