05-17-2016, 11:29 PM
I really don't see why an incentive to build automatically means an incentive to build crap.
And "massively higher"? Current total rate for the downtown core is 0.033, or 0.037 including the BIA levy. Moving the city's vacant (commercial) land rate would put that at 0.047, or 0.051 including the BIA levy. That's a difference of roughly $14K per $1M of assessed value. I don't think anyone would build something (crap or otherwise) for the sake of $14K, but I do believe that land owners would think twice about a plan to let the land sit empty for 10 or 20 years.
I would apply the same higher rate to surface parking lots.
And "massively higher"? Current total rate for the downtown core is 0.033, or 0.037 including the BIA levy. Moving the city's vacant (commercial) land rate would put that at 0.047, or 0.051 including the BIA levy. That's a difference of roughly $14K per $1M of assessed value. I don't think anyone would build something (crap or otherwise) for the sake of $14K, but I do believe that land owners would think twice about a plan to let the land sit empty for 10 or 20 years.
I would apply the same higher rate to surface parking lots.