Port Moody and Coquitlam Homeowners to Pay More…

As Metro Vancouver’s regional transportation authority, TransLink plans to increase the portion it receives from property taxes collected by local governments so Port Moody and Coquitlam homeowners will soon be paying more; but still no Evergreen Line.

Starting in July 2010 Metro Vancouver homeowners will pay 1.6% more on the TransLink portion of their property taxes.

On a detached home with a benchmark price of $800,796, this increase amounts to approximately $4.82, bringing the TransLink portion of the annual property tax bill for this house to approximately $306.

Why the increase? Transit ridership is growing and so are operating costs. TransLink will spend a whopping $1.225 billion this year to run Metro Vancouver’s bus system, the three SkyTrain lines, and the Seabus, as well as the regional road and bridge system.

With little chance of any new capital funds coming from TransLink, the Evergreen Line for Coquitlam and Port Moody remains nothing more than empty promises, a long series of meaningless political photo-ops, and a figment in the minds of locals.