spea

RESIDENTIAL taxes
to increase 500%?

Couldn’t happen you sav?

Well consider this see-
nario, The nice residential
neighbourhood you live in
has just been rezoned from
single-family to multi-family
use The municipal council,
in looking co the fiture, has
decided that your area will
eventually be a prime area
for condomuniuios rather
than single family homes.

In this scenarto let us pre-
sume that your rate for taxa-
tion is $7 per $1,000 of
assessed value. This vear vour
home is assessed at
$425,000 meaning vour
tatal assessed taxes for the
year will be $2,975.

Now enter stage left our
provincial tax assessor, In
valuing your property the
assessor notes that while vou
have a nice residential single
family home, the use of this
property cs designared by
the new miulti-family zoning
is not being uscd to its high-
estand best use.

The assessor figures thar
if there were 14 condomini-
ums on the property rather
than just vour single family
home the value would be
substantiaily increased. The
assessor decides that those
34 condos that could be
built on vour lor would have
a value of $295,006 per unit
(x 14 units) for a total
assessed value of
$2,730,000. Based on a mill
rate of S7, your property
rases will now be $19,140 —
that would be 542% more
than what you pay now.
Couldn't happen could it?

Well fellow travellers, it
has.

I’m sure most of you are
acquainted with the “pink”
tower situated on West
Vancouver’s waterfront at
22nd and Bellevue. The
News wrote several articles

lines

fast year about the alarming
sessanene situation the

owner of this landmark prop-
erty is facing. This property
was built in the late 1960s, |
believe, asa rental apartment
property. Ac that dime, while
strats tite ownership had
beea introduced it was cer:
tainly not popular.

As a matter of fact, the
land oy West Van's water-
front was sot zoned for stra-
ta tie property. Somewhere
along the line this zoning
was changed to multi-family
high-rise (strata tithe) which
the vast majority of apart-
ment properties in this area
now are. The “pink” tower
however, is nota strata titled
property and continues to
provide valuable rental
accommodation. Last year
the assessor decided te
ignore this property's pre-
sent and historical use and
for taxation purpuses decid -
ed to assess the property “as
if® it was a strata title prop-
city as the zoning permits.
The result: a significantly
higher tax assessment.

The owner is now
involved in a Jegal dispute on
this assessment and if the
courts uphold the assessors
decision, our “pink” tower
may become nothing more
than a pile of rubble.

In light of this actual situ-
ation just how much fantasy
is involved in my preceding
hypothetical example about
your property? Travellers, we
should all be concerned
about this dangerous prece-
dent. While it is someonc

it ‘as if asst

ehe"s problem today, it may
be vours in years to come.
Stamp tour now, Use vour
vaice now or when vour
time comes It may Be toe
fate.

While Fam on the topic
of alarming trends, there is
ancther potential calamity
jurking in the weeds for
many i
that of having suffici

replacement, repairs and
refurbishment of strata com:
men property.

{suppose it is our nature
to want to Keep our monthly
expenses as low as possible.
Stray OWRETS are NO EXCEp
lion, ver in saving a dollar or
hwo of expense now, many
are setting themselves up for
afurure financial nightmare.

Let me explain. Each stra
ta corporation draws up an
annual operating budger to

operate The common areas of

Friday, January 15, 1999 — North Shore News ~ 47

700

insurance premiums and so
or and so forth. By faw, each
strata council must set aside
5% of the annual operating
budget as a reserve fund tor
future anticipated repl:

ment and repair costs.
Unfortunarely, this 5%
allowance is proving insult
cient,

As any person who has
owned a single family home
will atrest, that structure
requires constant mainte-
nance, repair and replace-
ment attention in terms of

both money and time. For
some reason, those who live
in strata title complexes,
believe their complex is
immune ro the natural phiysi-
cal force of decay,

In my business | examine
many annual budgets of stra-
fa complexes. The vast
majority of these complexes
simpty do not have a tong
rerm and detailed mainte-
nance and replacement plana,
nor have they capicalized a

See Pian page 73

reserve funds” to pay for the strata complea, pay

Gone

NEWS photo Brad Ledwidge

fishin’

AMBLESIDE Park is a quiet spct these days — only the odd dog walker and occasional crew of fishermen can

be spied on or near its shore.

Feature Listing

ADDRESS: 2522 Palmerston

Creme eereresenrerenecesevogreserecusetosens

LOT SIZE: 64’ X 128’

POC emer enaceer werner sre reese e esse seneeeeene

INTERIOR SIZE: 2, 500 sq. ft.

Pee ere ererene cee esemesuecaseesesresnveteer

NUMBER OF BEDROOMS: 4

PUP SUeVeCrecrrirrr iit iriiititiirirer iiss)

NUMBER OF FLOORS: 3

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OPEN HOUSE: Sunday 2 - 4pm
LISTING AGENT: Don Eilars & Lauren Kent,
926-6233

wee caecesstoncere ome creeenaarensrore

SPECIAL FEATURES: Spectacular master
suite, gourmet kitchen. Unusual privacy.

2522 Palmerston

Designed by Ernest Collins Architects - completely re-
built 16 years ago and updated recently, this stunning
Dundarave retreat offers a fabulous gourmet kitchen
with gas range, sub-zero fridge and granite countertops.
The attention to detail is unequalled. Enjoy this very
private view from the open & versatile main floor with a
spectacular master suite encompassing the entire upper
level, boasting its

own sitting area,

morning deck and

fireplace. The

downstairs offers

a unique space for

a growing family,

students,

hobbyists or

nanny. An

ambience beyond

descripticn. Lauren Kant Don Eilers

Re/Max Masters Realty