TransLink raises property taxes to fund 2009 budget

Metro Vancouver homeowners and businesses will have to pay more property taxes to fund the 2009 budget for TransLink, the B.C. South Coast transportation authority.

Homeowners will belevied $36.77 per $100,000 of assessed value, TransLink announced Wednesday. So theTransLink portion of property taxes for a home with an assessed value of $600,000 will be about $220 in 2009 a riseof $16, or 7.8 per cent,from the previous year.

The tax hikeis aimed at funding the "ongoing operation, maintenance and rehabilitation of the region's major roads and transit network," TransLink said in a news release.

"The increase in TransLink's portion of residential property taxes represents a rise in the overall amount for an average residential property of less thanone per cent," it said.

Business property taxes will increase by an average $59 or two per cent over 2008 amounts, based on an assessed value of $1.7 million. The business property tax rate will be $172.96 per $100,000 of assessed value.

In total, property taxes will contributemore than$263 million toward TransLink's 2009 budget of $1 billion an increase ofthree per cent over 2008, according to the news release.