This is a wealth tax, much of which will go into general revenue and not schools specifically.
The NDP government has already taxed income to the max, especially with the federal government's small business tax aimed at the middle class, despite their rhetoric about protecting the middle class. That leaves them only the choice of going after homes or an inheritance tax.
Homes are a logical choice, as the money is available almost immediately and it will only affect a relatively small amount of the population, albeit to a very large amount per home.
It is the government's feeling that they can get away with this as the majority of voters are unaffected and don't really care that much. It will generate a lot of yearly revenue and the threshold is easily changed.
This is taxing an asset from which the owner has yet to receive any financial reward. Many homeowners simply cannot afford to pay this tax.
Homes already are progressively taxed at the municipal level and now the provincial government is moving into an area in which they do not belong.
This is a heinous and very dangerous tax.
It is estimated that there are greater than 43,000 homes in BC with an assessed value of greater than $3M; 36,000 of those are in Greater Vancouver.