Full quote: "𝘨𝘪𝘷𝘦𝘯 𝘵𝘩𝘦 𝘳𝘦𝘭𝘢𝘵𝘪𝘷𝘦𝘭𝘺 𝘮𝘰𝘥𝘦𝘴𝘵 𝘭𝘦𝘷𝘦𝘭 𝘰𝘧 𝘵𝘢𝘹𝘦𝘴 𝘱𝘦𝘳 𝘵𝘰𝘯𝘯𝘦 𝘰𝘳 𝘱𝘦𝘳 𝘤𝘰𝘯𝘵𝘢𝘪𝘯𝘦𝘳..., 𝘸𝘦 𝘢𝘳𝘦 𝘯𝘰𝘵 𝘤𝘰𝘯𝘷𝘪𝘯𝘤𝘦𝘥 𝘵𝘩𝘢𝘵 𝘭𝘰𝘸𝘦𝘳 𝘱𝘳𝘰𝘱𝘦𝘳𝘵𝘺 𝘵𝘢𝘹𝘦𝘴 𝘸𝘰𝘶𝘭𝘥 𝘣𝘦 𝘢 𝘥𝘳𝘪𝘷𝘪𝘯𝘨 𝘧𝘰𝘳𝘤𝘦 𝘪𝘯 𝘵𝘩𝘦 𝘭𝘰𝘤𝘢𝘵𝘪𝘰𝘯 𝘰𝘧 𝘱𝘰𝘳𝘵𝘴. 𝘍𝘳𝘰𝘮 𝘵𝘩𝘦 𝘴𝘵𝘶𝘥𝘪𝘦𝘴 𝘸𝘦 𝘩𝘢𝘷𝘦 𝘳𝘦𝘷𝘪𝘦𝘸𝘦𝘥, 𝘰𝘵𝘩𝘦𝘳 𝘪𝘴𝘴𝘶𝘦𝘴, 𝘴𝘶𝘤𝘩 𝘢𝘴 𝘳𝘢𝘪𝘭 𝘢𝘯𝘥 𝘳𝘰𝘢𝘥 𝘤𝘰𝘯𝘯𝘦𝘤𝘵𝘪𝘰𝘯𝘴, 𝘢𝘱𝘱𝘦𝘢𝘳 𝘵𝘰 𝘸𝘦𝘪𝘨𝘩 𝘮𝘰𝘳𝘦 𝘩𝘦𝘢𝘷𝘪𝘭𝘺 𝘪𝘯 𝘭𝘰𝘤𝘢𝘵𝘪𝘰𝘯 𝘥𝘦𝘤𝘪𝘴𝘪𝘰𝘯𝘴."
While $3.2 billion in capital spending has been undertaken at capped BC ports, the taxable value of their properties only increased by $172 million. That means only 5.4% of dollars invested by capped port industries translates into higher assessed values.
According to the Province's own independently commissioned report obtained through a Freedom of Information (FOI) request, for every $1 invested by capped ports in BC, only 5.4 cents was new taxable value.
While your house assessment goes up every year thanks to port-related economic growth, capped port terminals are declining in value almost every year unless they keep making major new investments.
To make matters worse, the compensation formula for the Province to make up for lost taxes is not nearly enough.
According to their own commissioned expert:
"𝘭𝘪𝘯𝘬𝘪𝘯𝘨 𝘭𝘢𝘯𝘥 𝘷𝘢𝘭𝘶𝘦 𝘪𝘯𝘤𝘳𝘦𝘢𝘴𝘦𝘴 𝘵𝘰 𝘵𝘩𝘦 𝘊𝘗𝘐 [𝘤𝘰𝘯𝘴𝘶𝘮𝘦𝘳 𝘱𝘳𝘪𝘤𝘦 𝘪𝘯𝘥𝘦𝘹] 𝘪𝘴 𝘰𝘯𝘦 𝘰𝘧 𝘵𝘩𝘦 𝘮𝘢𝘪𝘯 𝘳𝘦𝘢𝘴𝘰𝘯𝘴 𝘵𝘩𝘢𝘵 𝘮𝘶𝘯𝘪𝘤𝘪𝘱𝘢𝘭 𝘵𝘢𝘹𝘦𝘴 𝘩𝘢𝘷𝘦 𝘨𝘳𝘰𝘸𝘯 𝘮𝘰𝘳𝘦 𝘴𝘭𝘰𝘸𝘭𝘺 𝘵𝘩𝘢𝘯 𝘵𝘢𝘹𝘦𝘴 𝘧𝘳𝘰𝘮 𝘰𝘵𝘩𝘦𝘳 𝘭𝘰𝘤𝘢𝘭 𝘵𝘢𝘹𝘱𝘢𝘺𝘦𝘳𝘴."
If property taxes are insignificant in the sky-high Vancouver real estate market, then Prince Rupert's much more affordable land values will not matter to the Port's price competitiveness.
According to BC Assessment, there are at least three (3) industrial acreages which have sold in Prince Rupert since last year ranging from $335,000 to $1.5 million per acre.
A recent report in Vancouver estimates the average cost of industrial lands will reach $7 million per acre this year.
Maybe if you include Vancouver or the Lower Mainland.
The Port Tax Cap is $22.5 per $1000 in assessed value.
Other communities across Northern BC or around BC with a similar population size to Prince Rupert charge anywhere from $28.7 to $111.92.
The Port Authority's numbers are inaccurate because they are including a $1.8 million grant from the Province of BC which is funded by BC taxpayers, and over 1/2 of their cited amount is from NON-capped port industries, specifically Pembina on Watson Island and Altagas on Ridley Island.
It's wrong for the Port Authority to try to justify keeping the Port Tax Cap because more revenues are being generated from non-capped industries, especially considering that they questioned the Province why propane facilities aren't also included in the cap.
It's wrong for the Port Authority to take credit for non-capped industrial tax revenues when they are thanks to 1) the City of Prince Rupert for revitalizing Watson Island, and 2) for RTI (now Trigon) for attracting a tenant to sublease their property.
Only 1/3 of the Port Authority's total claimed amount came from capped port industries. And that's precisely the problem we want solved.
Source: City of Prince Rupert 5 Year Financial Plan
❌ The Scrap the Tax Cap petition is NOT a City of Prince Rupert initiative. We are not speaking on behalf of the municipality, the mayor, City Council or City staff.
This campaign has been created by a dedicated group of private citizens using publicly accessible data and information.
❌ This is NOT a political initiative. We have no affiliation with the BC NDP, the BC Liberals, the BC Greens, or any other political party.
✅ This campaign did not exist even as an idea until after the Port Authority claimed in the local newspaper in late July that port industry tax revenue is "not a challenge". Clearly, there are lots of Rupertites who feel differently.
This statement completely misrepresents the central point of the Scrap the Tax Cap petition.
❌ Nobody is claiming that the Port Tax Cap is the reason Prince Rupert's infrastructure is challenged.
We are saying that removing the Port Tax Cap will allow for more investment into infrastructure when capped port industries pay their fair share.
❌ Nobody is claiming that the Port Tax Cap is the only reason for Prince Rupert's financial challenges.
✅ We are saying that the Port Tax Cap is creating a problem that needs to be urgently solved by the Province.
1. Like, share, and follow our campaign on Facebook, Instagram and Twitter. Tag your friends & family. Spread the word and help educate the community.
2. Send us an email to arrange a drop of physical copies of the petition for you to obtain more signatures. That way, you can reach your friends & family who may not be active online.
3. You can write letters to the people with the power to change the Port Tax Cap. Please see the question below for how to do so.
1. Katrine Conroy, BC Minister of Finance. The Port Tax Cap legislation falls within her department. Her email is: FIN.Minister@gov.bc.ca
2. Jennifer Rice, MLA. As the representative for North Coast, she can speak on her constituents' behalf. Her email is: jennifer.rice.MLA@leg.bc.ca
3. David Eby, Premier. His email is: david.eby.MLA@leg.bc.ca
North Coast MLA Jennifer Rice has agreed to receive the petition signatures before the end of February 2023. The exact date of presentation to the BC Legislature will be dependent on many other factors.