Editor: Re: Tax revenue could
vanish, Nov. 23
Instead of bemoaning the possibility of losing many thousands of tax dollars if the assessed value of the ferry terminal property is reduced, we should read the assessment rules.
According to the article, the assessment is based on the grounds the property "has no market value because it has no other use other than that of a ferry terminal and there is no potential for profit."
I would like to suggest that the value of this property has substantially increased as it could be sold to Port Metro Vancouver as an alternative to its proposal for T2. This would save the port millions of dollars in environmental and construction costs and defuse the wrath of citizens.
Or, as a second thought, it could be a gated condo development complete with its own drawbridge.
Whether the terminal property would ever be sold is highly unlikely, but it seems that property value is based on its potential and not what is likely to happen. Geoffrey Hacker
