Originally Posted by cabotp
I will say I was wrong on the property taxes. I assumed as the value of the property started to fall you would pay less.
But if that is the case then that gives a bigger reason of using property taxes over sales taxes. Your not subject to the wild swings of sales taxes.
I agree that property tax revenues are more likely to be stable than are sales tax revenues, at least in BC. In many jurisdictions in the USA, property tax rates remain constant, which does cause dramatic fluctuations in the revenues generated therefrom as a result of the naturally cyclical nature of real estate values.
If you want to know more about the property tax rates charged in Vancouver (on all types of property) go here:
You'll find links to all subsequent years, up to and including 2010 on the left-hand sidebar.
You'll notice that while real estate values in Vancouver have increased more than two-fold since 2000, property tax revenues have increased about 33%.