Monday, January 05, 2015

Old Nanaimo City Hall Annex - Worth $2.00 ?

New 'Owners' Will Pay Zero Taxes!!

This is another example of how our previous Mayor under the direction of then-city manager Al Kenning squandered piles of YOUR tax dollars.

Instead of putting that building on the market and letting the market determine it's value, the city put restrictions on the building (not required by the building code) which we were told made the building of no value. The new owners were basically given $3 million worth of property and building for nothing and now, it would appear they are not going to have to pay taxes according to it's assessed value.

I have written our new Mayor to see what he intends to do about this travesty to see that taxpayers at least are getting the taxes that should be paid by the new owner.

allvoices

5 comments:

  1. How did the land value go down to $1? Why don't they assess all the buildings and land in the Colliery Dam downstream area as $2 too because the City story there is that all this area would be inundated by 30 foot waves during a biblical flood. Who does these assessments anyway?
    Cliff Marcil

    ReplyDelete
  2. I though this would happen as assessments are to reflect sales in the area.
    Watch to see what other area property owners appeal as their new value.
    All they need to do is get an earth quake assessment proving their building has no value.
    Wonder what the land part of the assessment was?

    ReplyDelete
  3. The land was valued at $1.00 as was the building.

    ReplyDelete
  4. There is no rationale for the land to be assessed at $1.
    It is possible for anyone to appeal this assessment and see if it should be increased.
    Here is a quote from

    http://www.assessmentappeal.bc.ca/Resources/#step8

    8. Who can appeal?

    Anyone, including a corporation, may appeal to the Board. Some owners are surprised to learn that it is possible for someone else to appeal their property – even though they do not have any ownership. Section 50(1) of the Assessment Act is the legislation that allows for this.

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  5. The following is taken from a Toby Seward document on the CON website:

    "As part of the sale, the City has agreed to pay Tectonica $40,000, the equivalent to two years worth of property tax. To receive these funds, the seismic upgrade – or alternate demolition – must occur within the window of the first two years following Tectonica taking ownership of the property. In addition, if Tectonica does not complete upgrades to render the building 60 per cent compliant with the seismic requirements or demolish the building within the first two years of taking ownership, the City has the option to buy the land and building back at no cost."

    Several questions come to mind......

    Cliff Marcil

    ReplyDelete

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