Following my last post 'Moving from the Unwalkable to the Walkable' I thought I'd do a quick estimate of how much more revenue the District of North Vancouver now receives from the conversion of approximately 9 single family homes into 108 multi-family homes.
| 9 Single Family Homes Assumed value = $1m each Total Value = $9m Property Tax Rate = 4.24760 per $1,000 Utility User Fee = $1,516.70 each Total Revenue for DNV = (9,000,000/1,000)*4.24760+(1,516.70*9) =$51,878.70 | 108 Multi-Family Homes Assumed Value = $450,000 each Total Value = $48.6m Property Tax Rate = 4.24760 per $1,000 Utility User Fee = $1,085.30 each Total Revenue for DNV = (48,600,000/1,000)*4.24760+(1,085.30*108) =$323,645.76 |
The above calculation, which is just an estimate of course, shows that the conversion of 9 single family homes into 108 multi-family homes took District of North Vancouver revenue for that piece of land from $51,878.70 per annum to $323,645.76 per annum, a 624% increase! The many other municipal benefits of multi-family homes can be viewed in my previous post linked above.