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Parkland has more than just a dollar value
To the Editor,
Re: Parkland bought without public process, May 20.
Perhaps Nanaimo and Area Land Trust’s past experience with the initial purchase of land in the Linley Valley may be helpful regarding the difference between the assessment of properties in the Linley Valley and the price paid by the City of Nanaimo.
It is important to keep in mind the difference between the assessed value versus the appraised value of property. With the Linley Valley Cottle Lake Park property, the assessed value for taxes was approximately $500,000, while the appraised value was slightly more than $2,000,000. Not surprisingly, in that transaction the purchase price was more than four times the assessed value.
The appraised value is determined when a professional, certified appraiser compares a property with similar properties in the area, factors in specific features of the property and arrives at an appraisal of fair market value for the property. This is often considerably higher than the property tax assessment.
When you also take into account the green legacy these purchases will be to our city now and in the future, the merit of purchasing these properties is invaluable.