On-Table AGENDA Special Council Meeting Monday, April 22, 2013

Transcription

1 To view an individual item click on its coloured link On-Table AGENDA Special Council Meeting Monday, April 22, 2013 The following items are being presented for Council s consideration as on-table agenda items for the April 22, 2013 Special Council meeting: Page 4. DELEGATIONS 4.3a Ruth Simmons, Future of Howe Sounds Society. Re: Power Point Presentation to Council. 20a-20r 5. BUSINESS ARISING FROM MINUTES 5.1a Councillor Stone. Re: Metro Vancouver Resolution Re: NAPTEP 20Ss-20ss 5.2a Wil Hilsen, Public Works Manager re: Tunstall Bay Boat Launch. re: National Guide to Sustainable Municipal Infrastructure. 22a Bowen Island Municipality April, Special Council Meeting- On-Table Items Page 1 of 1

2 Ruth Simons

3 The Future of Howe Sound Society

4 3

5 The Future of Howe Sound Society McNab Creek Valley

6 FHSS Mission: The FHSS is committed to the conservation and stewardship of Howe Sound for the benefit of current and future generations. Guiding Values: Environmental Conservation Economic Sustainability Livability Howe Sound is a unique, wild environment bordering a significant urban centre. Our goal is to foster the ongoing resurgence of the natural marine and terrestrial environment in Howe Sound region. Howe Sound offers considerable potential for sustainable economic growth in sectors such as tourism, fishing & recreational pursuits. Fostering economic activity that is sympathetic to the wild nature of the Sound should be a keystone of any long term plan for the area. Metro Vancouver is one of the globally acknowledged best places to live. Our objective is to ensure Howe Sound is a place people will want to live and visit for generations to come. The Future of Howe Sound Society

7 FHSS Objective: Support the continued recovery of Howe Sound through promoting community involvement in the development of a sustainable comprehensive land and water use plan for Howe Sound. Strategy: 1. Work in consultation with First Nations, all 3 levels of Gov and Howe Sound Communities, NGO s and other interested stakeholders; 1. Promote eco-friendly and balanced commercial development; 2. Support and promote the objectives laid out in the 2002 Howe Sound Community Forum Principles for Cooperation. The Future of Howe Sound Society

8 Steps to Sustainable Development Commercial operations offering exploration & outdoor adventures contribute to the sustainability of the local economy Tourism in BC is a $13 billion industry with 127,000 jobs and high expectations Millions have been spent promoting BC to the World, in particular Whistler and the Sea to Sky corridor, as a must see. To support this vision, the BC Government spent $700 million to improve the Sea to Sky Highway $50+ million has been spent on developing Squamish s waterfront The Future of Howe Sound Society

9 The Future of Howe Sound Society Our Coalition

10 The Future of Howe Sound Forum Saturday, April 13, 2013 Gleneagles, West Vancouver 8:30 3:00 To find common ground between all levels of government, nonprofits, First Nations, industry and business towards building a vision for Howe Sound To engage interested parties in dialogue about the values in the Howe Sound region To discuss a way forward towards development of an overall comprehensive management plan

11 65 Organizations Represented From Around the Sound West Van 5% Squamish 6% Water 5% All 34% Sunshine Coast 12% Islands 15% C2Sky 23%

12 Various sectors were represented Tourism 5% Science 3% Youth Education 6% Artists 3% Business 8% Recreation 8% Communities 18% Conservationi sts 25% Provincial Gov't. 3% Government Agencies 8% Municipalitie s 11% First Nations 2%

13 Panelists Q&A Round 1 Many people here interested to protect our key jewels in the region LRMP needed for lower Howe Sound Need a common vision Importance of informed decisions on management plan Need balance between all interests Enable industry to happen but commit to green technology Responsible development practices Improve best practices; reduce impact Involve youth 12

14 Panelists, Q&A Round 2 Communication and collaboration between stakeholders Protect wild spaces Support island organizations Balance competing needs employment vs recreation vs environment Quality of wind is world class Public access to foreshore Exposure and access to local environment Research, recovery, remediation, resources Recognize S2S is a main trade and travel corridor Education about local environment Impact of humans on environment 13

15 Planning: Create a comprehensive management plan that is collaborative; is stakeholder-driven - involves all key players, including youth; is sustainabilitybased, science based. Build awareness of the issues Establish an appropriate marine or terrestrial park or protected area. 14

16 Words of Wisdom Bring your voice to Government Speak with a unified voice Integrate First Nations into all planning Be inclusive of all groups Find balance between environment and economic activity Treat Howe Sound as you would your backyard. 15

17 Roundtable sessions Main Ideas What do we Value: The passion evoked by the inspirational and diverse natural and cultural experience in the Howe Sound as your experience spans from the underwater world to the top of the world from the sea to sky. 16

18 Roundtable session main Ideas. How will be move forward with an overall plan to protect our values? Create a comprehensive management plan that is collaborative; is stakeholder-driven - involves all key players, including youth; is sustainability-based, science based. Build awareness of the issues Establish an appropriate marine or terrestrial park or protected area. Who will do this? Howe Sound Community Forum members a grassroots committee An organization or coalition or committee to be created to initiate and move forward in developing this proposal and obtaining coordinated government support 17

19 The Future of Howe Sound Society Thank You for Your Support

20 To: From: Intergovernmental and Administration - Electoral Area Sub-Committee Eric Aderneck, Senior Regional Planner Planning, Policy and Environment Department Date: January 28, 2013 Meeting date: April 3, 2013 Subject: That the Board: a) consent to the implementation of the Islands Trust Natural Area Protection Tax Exemption Program on the Islands Trust islands within the Greater Vancouver Regional District, namely Bowyer Island, Passage Islands and Bowen Island; and b) enable the Council of Bowen Island Municipality to implement, at its discretion, the Natural Area Tax Exemption Program on Bowen Island. To consider the implementation of the Islands Trust Natural Area Tax Exemption Program (NAPTEP), providing a property tax exemption of up to 65% of assessed land value, for the three islands within the jurisdiction of the Greater Vancouver Regional District and the Islands Trust. This work is part of the Intergovernmental and Administration - Electoral Area Sub-Committee s Workplan. There are three islands (Bowen, Passage and Bowyer Island) within Metro Vancouver which are also within the Islands Trust. Passage and Bowyer Islands are within the Greater Vancouver Regional District Electoral Area A. Bowen Island is one of the District s member municipalities. Please see Figure 1 below. Greater Vancouver Regional District - 69

21 Intergovernmental and Administration - Electoral Area Sub-Committee Meeting Date: April 3, 2013 Page of : Islands Trust NAPTEP Context Map The Islands Trust Natural Area Protection Tax Exemption Program (NAPTEP) was first piloted in 2005 by the Sunshine Coast Regional District after being enacted by the provincial legislature. It has since been adopted in the Capital, Nanaimo, Cowichan Valley, Powell River and Comox Valley Regional Districts. As required under provincial legislation, the Islands Trust is seeking the agreement of the Greater Vancouver Regional District Board to implement NAPTEP on the islands in its jurisdiction. For the Municipality of Bowen Island, a resolution to implement the program is required by both the Greater Vancouver Regional District Board and Bowen Island Municipality. NAPTEP is an Islands Trust program and is managed by its conservation land trust, the Islands Trust Fund. To qualify for NAPTEP, a landowner must be willing to permanently protect, through a NAPTEP conservation covenant, one or more of the following eligible features on their property: Areas relatively undisturbed by human activity that are good examples of important ecosystems such as forests over 80 years old, woodlands, water features, sparsely vegetated natural areas, coastal bluffs, etc.; Areas relatively undisturbed by human activity that are key habitat for rare native plant species or plant communities; Areas that are critical habitat for native animal species in relation to breeding, rearing, feeding or staging; and/or Special geological features. There are no minimum or maximum lot size requirements; however, the program may not be beneficial for small properties with a low assessed value. Each situation is unique based on the property and a landowner s property tax circumstances. Additionally, lands within the Agricultural Land Reserve (ALR) require approval from the Agricultural Land Commission to place a restrictive covenant on title, which has not occurred in any cases for this program. Eligible properties are typically classified as residential by BC Assessment; however, Section 49.3 of the Islands Trust Act allows for other properties classes to apply to the program. If the property is approved under the program, the property is then reassessed as residential class. Lands subject to other tax exemptions such as the Agricultural Land Reserve (ALR) or lands designated as Private Managed Forest Lands (PMFL) are typically not eligible for NAPTEP. As of December 2012, there are 22 NAPTEP covenants registered on title in the Islands Trust Area, protecting over 70 hectares of land. NAPTEP participants are reporting annual reductions of $1,300 to $3,700 on their property taxes. Participants normally recover the costs to participate in the program (survey, legal and baseline report) in a few years. If a landowner breaches the conditions of the covenant, the Islands Trust may remove the NAPTEP certificate from the property as per section 49.5 of the Islands Trust Act. If the certificate is cancelled, the landowner must pay the full value of the discounted taxes since the certificate was issued, plus applicable interest. The discharge of the NAPTEP certificate does not automatically result in the cancellation of the conservation covenant, which may remain in place. The brochure Greater Vancouver Regional District - 70

22 Intergovernmental and Administration - Electoral Area Sub-Committee Meeting Date: April 3, 2013 Page of with the program details and additional information on the administration of NAPTEP by the Islands Trust is provided in the Attachment to this report. The need to reflect the jurisdiction of the Bowen Island Municipal Council as part of the Board s decision in this matter was discussed with Bowen Island staff and with Director Stone. The language used in this report, enabling the Council of Bowen Island Municipality to implement, at its discretion, the Natural Area Tax Exemption Program on Bowen Island, reflects the expectation shared by Bowen Island officials. 1. That the Board: a) consent to the implementation of the Islands Trust Natural Area Protection Tax Exemption Program on the Islands Trust islands within the Greater Vancouver Regional District, namely Bowyer Island, Passage Islands and Bowen Island; and b) enable the Council of Bowen Island Municipality to implement, at its discretion, the Natural Area Tax Exemption Program on Bowen Island. 2. That the Board receive the report for information and provide alternative direction. There are no direct financial implications for Metro Vancouver with regard to the administration of NAPTEP. The costs associated with covenant registration are paid by the land owner. The Islands Trust Fund Board pays for monitoring and enforcement of the covenant. The extent of the tax exemption equals 65% of the assessed value of that part of the land subject to the protection covenant. It does not reduce parcel taxes or the tax on improvements. There would be a tax-shift to other tax payers with each new successful application. This may be partially offset by taxes collected from new development. Only when there is no net increase in new taxable development would an increase in the tax rate be needed to raise the approved budget required by each taxation authority. The experience in other NAPTEP-approved areas is that the tax shift amounts to pennies per property for each jurisdiction collecting taxes. Affected taxes include: Provincial School, Provincial General, GVRD Municipal Levy, TransLink, Electoral Area, and Islands Trust. To get a sense of scale of the tax shift implications the Islands Trust and Metro Vancouver has estimated the potentially eligible properties for each of the three Islands. The small lot sizes likely mean that very few properties if any would meet the eligibility requirements unless they host a species at risk that requires a small habitat range. No such species are known to be on the island. Greater Vancouver Regional District - 71

23 Intergovernmental and Administration - Electoral Area Sub-Committee Meeting Date: April 3, 2013 Page of There are five properties on Bowyer Island and all five may be eligible for some portion of their property. If it is assumed that two landowners apply and are approved under the program, the total shift would be approximately $162. This tax shift would be redistributed over 4,648 rate payers within the Electoral Area A taxation area. The total Electoral Area Levy is $247,468 in 2013; the average tax shift per property is estimated at $0.02 or a 0.07% of the Electoral Area Levy. Average Tax Shift of NAPTEP to Electoral Area Levy per Approved Property Bowyer Island - Land Value of NAPTEP Eligible Properties - Residential Class $6,206,000 5 $1,241, $125 $44 $81 $0.02 Land Value of NAPTEP Non-Eligible Properties - Residential Class $5,224,519, $1,188,471 Notes: *This only includes the owner tax savings from the Electoral Area Levy. Significant additionally tax savings are available to NAPTEP approved properties from other taxation authorizes (Attachment); however, the greatest tax shift impact will be to the Electoral Area Levy. **Assumes the tax shift will be redistributed among all rate payers within the taxation area (4648 properties/folios within the Electoral Area Taxation Area, some of which are water lots). Residential footprint has not been excluded from the land value, so tax shift is likely smaller than $0.02. There are 2,312 rate payers within the Municipality of Bowen Island as of December Initial estimates assume a maximum of 595 eligible properties covering 1,831 hectares plus 21 properties which may be eligible but with no current assessment data available. The total land value of the 595 properties is $455,791,637. This initial estimate is based on the following criteria and assumptions: A portion of the property is classified as residential by BC Assessment; Property is not within the ALR; Total BC Assessment land value of less than $200,000 (i.e., not including improvement value). (It is assumed that lower value lands would not apply because the cost of entering the program outweigh the benefits); Meets the ecological requirements of the program; and Excludes crown lands; parks and protected areas; and property under 1 acre in size. Greater Vancouver Regional District - 72

24 Intergovernmental and Administration - Electoral Area Sub-Committee Meeting Date: April 3, 2013 Page of If these initial criteria are extended further and exclude 0.5 hectares (residential footprint) per property for the total potential eligible 1,831 hectares, this reduces the total area to 1,533 hectares. Assuming an average per hectare value of $248,930, the total land value would be reduced to approximately $381,734,830. This represents an average tax shift to the Bowen Island Municipal Levy of $0.40 per property. The average tax shift impact, $0.40 per eligible NAPTEP property, on the Bowen Island Municipal Levy will impact different property classes differently. Assuming 15% of landowners (90 properties) are approved under the program, the maximum shift would be approximately $84,084. Note that only 22 properties in the entire Islands Trust area have been approved under the program as of December 2012, therefore 15% of eligible landowners is a conservatively high estimate. This cumulative tax shift represents about 2.4% of the 2012 Bowen Island Municipal Levy of $3,547,641 when using the estimate a 15% adoption by landowners. The 2.4% represents $36 per average property on the Bowen Island Municipal Levy. - Average Tax Shift of NAPTEP to Bowen Island Municipal Levy per Approved Property Estimated Land Value of NAPTEP Eligible Properties - Residential Class - Excludes Residential Footprint*** $381,734, $641, $1,437 $503 $934 $0.40 Land Value of Residential Footprint of NAPTEP Eligible Properties - Residential Class*** $74,056,807 Not applicable Not applicable Land Value of NAPTEP Non- Eligible Properties - Residential Class $706,152, $429,533 Notes: *This only includes the owner tax savings from the Bowen Island Municipal Levy. Significant additional tax savings are available to NAPTEP approved properties from other taxation authorizes (Attachment); however, the greatest tax shift impact will be to the Bowen Island Municipal Levy. **Assumes the tax shift will be redistributed among all rate payers within the taxation area (2312 properties/folios within the Bowen Island Taxation Area, some of which are water lots). *** The average residential footprint is assumed to be 0.5 ha. The 65% tax exemption only applies to the portion of the land value in the program, i.e., the land value of the residential footprint is excluded from the program. Greater Vancouver Regional District - 73

25 Intergovernmental and Administration - Electoral Area Sub-Committee Meeting Date: April 3, 2013 Page of There will be impacts to the GVRD Municipal levy and TransLink Levy as well. The estimated tax shift to the GVRD Municipal Levy if 15% of the owners are approved under the program is $4,890 or 0.01% of the GVRD Municipal Levy (which is approximately $44 million). The tax shift would be shared across all rate payers in the GVRD Municipal Levy taxation area. Similarly, the TransLink Levy will be affected. The estimated maximum tax shift for the TransLink Levy is $27,277. If the recommended resolution is passed by Metro Vancouver, the Municipality of Bowen Island will have the authority to decide on whether to approve the NAPTEP program for its municipality as well as retain authority to decline specific NAPTEP applications should they wish. Furthermore, the Municipality of Bowen Island could mitigate the potential tax shift in a variety of ways. The tax shift does not necessarily need to be borne by business or light industrial assessment classes. Some examples of mitigation strategies include: Incremental new development which increases the tax base; Adjustments to Variable Tax Rates (Sec. 197(3)(b) of the Community Charter), e.g., increasing the residential class rate so non-eligible NAPTEP residential properties pay more and NAPTEP properties pay less; Assessment averaging and phasing options (Sec. 198 of the Community Charter); and/or, Local Service Taxes (Sec. 216(1)(a) of the Community Charter) give authority to municipalities to have service area taxes based on improvement value only, thus shifting away from general property taxes which are required under the Community Charter to be on both land and improvements. If approved by the Greater Vancouver Regional District, the Islands Trust staff will be responsible for promoting the program to property owners on Bowyer and Passage Islands. In addition, the Gambier Island Local Trust Committee will continue the dialogue with Bowen Island Council started in fall 2012 regarding NAPTEP. The Trust Fund Board is responsible for deciding which properties it will allow into covenant under the program, based on advice of staff, and the Trust Council is responsible for issuing the tax exemption certificates. Of the six Regional District Boards currently in the program, none have chosen to have authority over which properties are accepted into the program. The deadline for new NAPTEP applications is April 1 of each year, for a reduction in tax in the following year. Should the Metro Vancouver Board approve this program early in 2013, it is possible that some properties could have tax reductions by Board approval after February 2013 would mean delaying the tax reduction until The Islands Trust Natural Area Protection Tax Exemption Program is an excellent program for helping protect natural assets in our region and furthering the goals of the Regional Growth Strategy by helping to protect ecologically significant lands. The tax shift implications for Electoral Area A Levy, GVRD Municipal Levy and regional TransLink Levy are negligible. Islands Trust - An Applicant s Guide to Calculating Natural Area Protection Tax Exemption Program (NAPTEP): Costs and Benefits (Doc. # ). Greater Vancouver Regional District - 74

26 Intergovernmental and Administration - Electoral Area Sub-Committee Meeting Date: April 3, 2013 Page of - Local Government Tax Rates and Assessments 2012: - Natural Areas Protection Tax - Exemption Program (NAPTEP) Frequently Asked Questions Questions about NAPTEP: - Islands Trust Fund: Greater Vancouver Regional District - 75

27 Attachment Greater Vancouver Regional District - 76

28 Greater Vancouver Regional District - 77

29 Greater Vancouver Regional District - 78

30 Greater Vancouver Regional District - 79

31 Expense Application Fees Legal Advice Financial and Tax Advice Survey or Explanatory Plan Baseline Report Covenant Registration Total Costs Cost ($) $450 $150 to $1,200+ $200 to $1,100+ $1,000 to $7,000+ $500 to $2,000+ $197 $2,500 to $12,000+ Notes Phase 1: $275 Phase 2: $175 NAPTEP covenants are legally binding agreements. We advise all applicants to consult a lawyer when entering NAPTEP. Because of the complexity of the Income Tax Act and the variability in applicant circumstances and donations, we advise all applicants to consult a tax/financial advisor. Covenants are dispositions of land and may result in capital gains taxes unless properly recorded in your tax return. Covenants may also reduce the market value of your land. You may qualify for income tax benefits and capital gains exemptions through the Ecological Gifts program administered by Environment Canada. Information about the Ecological Gifts Program is available at The survey is usually the most expensive step. The simpler your survey, the less your NAPTEP covenant will cost you. Islands Trust Fund staff can help you to define a simple covenant area. The baseline report must be prepared by an environmental professional approved by the Islands Trust Fund. The report describes the covenanted land at the time that the covenant is registered. It consists of a vegetation map and descriptions of the vegetation types on the land. Local conservation organizations may be willing to help prepare the baseline report. A list of conservancies active in the Islands Trust Area is available at: Covenants and their associated Rights of Way need to be registered with the Land Title Office. The cost of entering NAPTEP has less to do with the size of the protected area and more to do with the complexity of your survey and tax situation. To date, most NAPTEP participants have recovered their costs within three years. Greater Vancouver Regional District - 80

32 Greater Vancouver Regional District - 81

33 a. Calculate the percentage of your property tax bill attributed to your land value (land tax ratio.) (For the value of your land and buildings see the Assessment (By Property Class) section on the left hand side of your tax notice). Land value 1 Total property value (land value + buildings value) 2 Land tax ratio (Line 1 Line 2) = 3 b. Calculate how much of your tax bill is attributed to your land s value (using the tax payable before applying any home owner or senior grants, if applicable): Total taxes payable 4 Taxes attributed to land value (Line 3 x Line 4) = 5 c. Calculate the percentage of your land you will be protecting: Area to be protected 6 Total property size 7 % of land to be protected (Line 6 Line 7) = 8 d. Using the results from calculations a and b, work out how much tax could be saved annually if you entered NAPTEP and were to receive the 65% tax exemption. Projected annual tax savings (Line 5 x Line 8) x e. Estimate what it will cost you to enter NAPTEP (see page 5), and determine how long it will take you to recoup your costs. Low cost estimate 10 Estimate minimum number of years to recoup costs (Line 10 Line 9) = 11 High cost estimate 12 Estimate maximum number of years to recoup costs (Line 12 Line 9) = 13 Greater Vancouver Regional District - 82

34 House Survey post, placed Survey post, existing Proposed survey area NATURAL AREA NAPTEP MOTIVATION PROPERTY TAXES CALCULATING COSTS AND BENEFITS TO ENTER NAPTEP Land value $1,000,000 1 Total property value (land value + buildings value) $1,250,000 2 Land tax ratio (Line 1 Line 2) = 0.80 (or 80%) 3 Greater Vancouver Regional District - 83

35 Total taxes payable $5, Taxes attributed to land value (Line 3 x Line 4) = $4, Area to be protected 2.4 hectares 6 Total property size 4 hectares 7 % of land to be protected (Line 6 Line 7) = Projected annual tax savings (Line 5 x Line 8 x 0.65) = $1, Low Estimate High Estimate Known costs Application fees $450 $450 Covenant registration costs $197 $197 Estimated costs Legal advice $500 $1,000 Tax advice $200 $500 Survey plan $1,500 $2,500 Baseline report $750 $1,500 Total = $3,597 = $6,147 Greater Vancouver Regional District - 84

36 LENGTH OF TIME TO RECOUP PROGRAM COSTS Low cost estimate $3, Estimate minimum number of years to recoup costs (Line 10 Line 9) = High cost estimate $6, Estimate maximum number of years to recoup costs (Line 12 Line 9) = FINAL DECISION Greater Vancouver Regional District - 85

37 House Survey post, placed Proposed survey area NATURAL AREA NAPTEP MOTIVATION PROPERTY TAXES CALCULATING COSTS AND BENEFITS TO ENTER NAPTEP Land value $3,500,000 1 Total property value (land value + buildings value) $3,900,000 2 Land tax ratio (Line 1 Line 2) = (or 89.7%) 3 Greater Vancouver Regional District - 86

38 Total taxes payable $18,993 4 Taxes attributed to land value (Line 3 x Line 4) = $17,037 5 Area to be protected 64 hectares 6 Total property size 80 hectares 7 % of land to be protected (Line 6 Line 7) = 0.80 or 80% 8 Projected annual tax savings (Line 5 x Line 8 x 0.65) = $8, Low Estimate High Estimate Known costs Application fees $450 $450 Covenant registration costs $197 $197 Estimated costs Legal advice $2000 $3,500 Tax advice $600 $2,000 Survey plan $10,000 $15,000 Baseline report $1,500 $3,000 Total = $14,747 = $24,147 Greater Vancouver Regional District - 87

39 LENGTH OF TIME TO RECOUP PROGRAM COSTS Low cost estimate $14, Estimate minimum number of years to recoup costs (Line 10 Line 9) = High cost estimate $24, Estimate maximum number of years to recoup costs (Line 12 Line 9) = FINAL DECISION Greater Vancouver Regional District - 88

40 Cottage Future house site Proposed survey line NATURAL AREA NAPTEP MOTIVATION PROPERTY TAXES CALCULATING COSTS AND BENEFITS TO ENTER NAPTEP Land value $1,000,000 1 Total property value (land value + buildings value) $1,080,000 2 Land tax ratio (Line 1 Line 2) = (or 92.6%) 3 Greater Vancouver Regional District - 89

41 Total taxes payable $5,420 4 Taxes attributed to land value (Line 3 x Line 4) = $5, Area to be protected 32.5 hectares 6 Total property size 65 hectares 7 % of land to be protected (Line 6 Line 7) = 0.50 or 50% 8 Projected annual tax savings (Line 5 x Line 8 x 0.65) = $1, Low Estimate High Estimate Known costs Application fees $450 $450 Covenant registration costs $197 $197 Estimated costs Legal advice $750 $1,500 Tax advice $200 $500 Survey plan $1,000 $1,500 Baseline report $750 $2,500 Total = $3,347 = $6,647 Greater Vancouver Regional District - 90

42 LENGTH OF TIME TO RECOUP PROGRAM COSTS Low cost estimate $3, Estimate minimum number of years to recoup costs (Line 10 Line 9) = High cost estimate $6, Estimate maximum number of years to recoup costs (Line 12 Line 9) = FINAL DECISION Greater Vancouver Regional District - 91

43 Wetland Stream House Proposed survey area NATURAL AREA NAPTEP MOTIVATION PROPERTY TAXES CALCULATING COSTS AND BENEFITS TO ENTER NAPTEP Land value $350,000 1 Total property value (land value + buildings value) $550,000 2 Land tax ratio (Line 1 Line 2) = (or 63.6%) 3 Total taxes payable $2,695 4 Taxes attributed to land value (Line 3 x Line 4) = $1, Greater Vancouver Regional District - 92

44 Area to be protected 1.4 hectares 6 Total property size 2.8 hectares 7 % of land to be protected (Line 6 Line 7) = 0.50 or 50% 8 Projected annual tax savings (Line 5 x Line 8 x 0.65) = $ Low Estimate High Estimate Known costs Application fees $450 $450 Covenant registration costs $197 $197 Estimated costs Legal advice $500 $1,000 Tax advice $200 $500 Explanatory plan $1,000 $1,500 Baseline report $750 $1,000 Total = $3,097 = $4,647 Greater Vancouver Regional District - 93

45 LENGTH OF TIME TO RECOUP PROGRAM COSTS Low cost estimate $3, Estimate minimum number of years to recoup costs (Line 10 Line 9) = High cost estimate $4, Estimate maximum number of years to recoup costs (Line 12 Line 9) = FINAL DECISION Greater Vancouver Regional District - 94

46 Scenario 1 (Doug Smith) 2 (Mariyamas) 3 (Dicksons) 4 (Mitchells) Lot Size (ha) Covenant Area (ha) Portion of Lot in Covenant Natural Values and Amenities Assessed Value of Land Property Tax (on land) Before Exemption Annual Property Tax Savings 60% Oceanfront with views. High cliffs and Garry oak meadow. Peregrine falcon nesting on cliffs. $1,000,000 $4, $ % Inland parcel with views and subdivision potential. 500 year-old trees. $3,500,000 $17, $8, % Waterfront property with no designated road access. Mature forest and coastal bluff ecosystems. $1,000,000 $5, $1, % Inland property with small wetland and stream. $350,000 $1, $ Costs to Enter Program $3,597 $6,147 $14,747 $24,147 $3,347 $6,647 $3,097 $4,647 Length of time to recover costs years years years years Greater Vancouver Regional District - 95

47