be difficult to explain and after . four _years, the assessments will all arrive
‘at the ‘same point. In other words, - if we feel that the School Roll basis is
appropriate, then we might as well szlect. Option A, and go along with the
phase-in for both School and General Tax Rolls. 7

I feel that Option C is not appropriate because it merely sets assessments

the level that existed in 1977 and previous years' Rolls, Choosing this Option

would merely perpetuate the inequities. that exist in the present Roll.

Before a decision is made on any one of the four options, Council may consider’
the philosophy of Real Property Taxation. In the history of Real. Property
Taxation, the goal has generally been to improve the quality of assessments as
between parcels so that everyone is paying on market value of their property.

If we agree with this philosophy, then Option D should be chosen.’ This policy

has been strongly supported in the past in the Policy Statements of the U.B.C.M.
and other tax authorities. The Assesment Equalization Act of 1953 finally pro-
duced a method of ‘assessment that brought about equity and uniformity | as between
classes of property. It was: only the limiting legislation of the late 60's that
began to distort the equity picturé and the result of these legislative limitations
was to shift ‘the tax burden away from residential and add it on to commercial and
industrial: properties. There are arguments pro and con as to where the tax

burden should fall and I suppose our decision will be greatly influenced by

what option other municipalities in the Lower Mainland select. We want. taxes on
various classes of property to be reasonably comparable with other municipalities
in the Lower Mainland. Option D is the. only way of. restoring equity in line

with recommended taxation philosophy, however, it does have the effect of shifting
the tax burden slightly from commercial to residential. This shift is not excessive
in the case of Port Coquitlam and the magnitude appears to be modified by the

fact that the legislation now provides for greatly increased assessed values for
railway and utility properties. Railways are increasing from the. old statutory
vate of $5,280. per mile of track to somewhere in the neighbourhood of $80,000.
per mile. This increased assessment will be to the benefit of both residential
and commercial properties as the railway companies will be contributing a fairer

share of the_ tax load.

The Finance Committee has had two meetings to discuss this material av? has come to

the conclusion that Option D would be the most equitable method of assessment. The

‘following are some of the reasons discussed: