Value of Horseshoe Bay ferry terminal jumps from $20 to $47M
The value of Horseshoe Bay ferry terminal jumped from just $20 to $47.8 million today as the provincial government stepped in to solve the property tax disagreement.
In November, the District of West Vancouver launched an appeal to the Supreme Court of B.C. about the assessment which valued the terminal at $20 for 2010, 2011 and 2012.
"The original assessment of $20 for the Horseshoe Bay ferry terminal properties was absurd and suggested that the properties had no value," said West Van Mayor Michael Smith.
"Although the new assessment is still a loss of revenue for out district and our taxpayers, we are pleased with negotiating the assessment of $47,825,000 and bringing a longterm, stable and predictable assessment to the tax base."
The land in question is two parcels at the ferry terminal leased from the province, which were valued at $47 million, up from $44 million in 2011 and $45 million in 2010.
In a controversial decision, the Property Assessment Appeal Board determined the land had no market value because it's restricted to use as a ferry terminal.
The original ruling would have meant a loss of about $250,000 for West Vancouver in tax revenue for 2013 and the repayment of around $750,000 in tax revenues collected since 2010.