Welcome to the blog section. In this blog I’ll be posting about what is happening around my neighbourhood (Yaletown & False Creek North), Vancouver luxury real estate,   real estate and related issues. If you have any suggestions, please let me know, have fun.
 
 
Thursday, June 17, 2010

Five misconceptions about property taxes

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  1. You can appeal property taxes. No. You can appeal your assessment, not your taxes. You receive your assessment annually the first week of January and must appeal by January 31.

  2. An appeal will change the market value. The market value may not correlate to the assessed value. BC Assessment typically assesses properties as of the previous July 1. A REALTOR® valuing a home many months later at the time of the appeal may find a number of factors have affected the value, for example, the market in a particular neighbourhood has changed or the land has been rezoned.

  3. If you just bought a home, the previous owners are liable for taxes. No. When you buy a property you become liable for all outstanding taxes.

  4. New home owners can claim the Home Owner Grant. No. New home owners cannot claim the Home Owner Grant if the seller paid the taxes or if the new home owner claimed a grant on another property.

  5. You haven’t claimed your Home Owner Grant for a few years and you want to claim it all now. You’re out of luck. You can claim the grant amount only for the previous year.

The enclosed information while deemed to be correct is not guaranteed.

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