Posted 03 May 2012 - 11:26 AM
I have not done a calculation on it, but the mill rate last year for residential was 10.073 and 37.1308 for major industry. This means the residential land has to be worth 3.7 times as much as the industrial land for the city to break even on the property taxes, though this is not entirely a fair comparison.
On the money the city gets, the ration is 3.6, for BC Transit it is 5
There is then also the difference in costs. Industrial land more or less costs the city almost nothing, there are no services the city provides to industry other than red tape, fire and police. Most services tend to be oriented towards the needs of residents.
For the city bottom line to be roughly the same as before, the residential properties need to have a value of 4.0 to 4.4 times as high as industry.
The Point Hope Shipyard and the lands owned by the city seem to have a value in the range of $40,000,000 to $50,000,000. For the city to get the same taxes on this land as condos, the condos would have to have an aggregate value of $160,000,000 to $220,000,000. At an average value of $400,00 to $500,000 per condo, you would need 320 to 550 condos built on that land to equal the property tax value of the existing shipyard.