A New Way of Looking at the Galloway Lands Project
There is a reason why everyone in Area A and the Valley should consider supporting the development of the Galloway Lands Project. This project represents savings on your taxes. Adding more funds to shared services results in savings for everyone in the Elk Valley. The term is NON-MARKET CHANGE is a term used when the growth of overall value assessment occurs due to new development. This principle helps to keeps taxes low to the point of possibly reducing taxes in an area. The Galloway Lands Project adds new assessed value thus new taxes dollars into the tax pool with minimal corresponding cost. The amount of taxes dollars taken in increases with low increase in cost, thus property taxes should stay the same or go down. In the case of the Galloway Lands Project the change is so significant that it will have a large effect to hold Area A taxes to minimal increases over the next ten years. Area A has always enjoyed low or very small tax increases over the past 15 years directly related to having some development happening and especially when you consider the values of development at Fernie Alpine Resort. We are very lucky to have the resort within our boundaries. Last year it accounted for nearly all of the $41 Million of new construction, reducing the tax increase by 3.9%. Non-market changes reduce the tax burden for Area A and the Valley for shared services.
The Galloway development is projecting to be worth $270 million dollars. That will increase the Residential Tax Base by 26.63%, reducing the tax burden for all Area A residents.
The Galloway Lands development is an extension of the resort, and we must take advantage of these developments when they come along.
This will be the most significant development in Area A in the last 30 years extending the resort and not developing farmers fields.
I encourage everyone to get involved and understand and support this well-planned project. You can email a letter to the RDEK or attend the public hearing in person.
It is not about development or the environment. It is about development AND the environment and good projects sustaining low taxes and the costs of services for all rate payers in the Area A and the Valley.
Mike Sosnowski
