***Summary***
This article talks about a possible hike in property taxes for some home owners in neighborhoods in Edmonton. As the economy improves, property values are going up but people still struggle to make ends meet in some cases. For some areas in Edmonton, saw increases as much as 32%. Overall, the average property in Edmonton went up by 23%. Although there is such a high increase, some neighboring areas did see a decrease in property value up to 7%. Some residents with houses in the depreciated neighborhoods feel a slight ease as they will most likely pay less than last year, while other property owners with unexpected increased assessments feel the pressure of possibly paying more.
***Connections***
In the textbook, it talks about how the government collects taxes based on property values. A person with an increased property assessment in this case may not care if they do not plan on selling. The only problem with this is that they must pay higher taxes due to their increased property value. The problem that I see with our economy today is that it is still lagging. I say lagging because most people are slow and barely able to meet expectations, when it comes to paying bills. With people still losing jobs, it is harder for a home owner to pay higher taxes. I believe that a person with a warm and cozy home doesn't care for these assessments because it just means higher taxes and a bigger headache.
***Reflections***
This article shows that each and every year, the government usually comes up with a new idea to get more tax money out of citizens. Although it may seem good that your property went up, who really cares? Most people in this economy are not looking to buy anytime soon, so it just means more taxes. Again, this shows how the Canadian government gets most of their money from direct property taxes.
