What do surging property value assessments mean to BC homeowners?
Property owners received their 2017 assessment notices recently. Large increases of 30 to 50 percent is not unusual for detached homes in Metro Vancouver. This surge has property owners wondering whether the boom of their property’s assessed value is a blessing or a curse. Read this article by the Real Estate Board of Greater Vancouver to find out:
- How your property’s value was assessed;
- The difference between BC Assessment and a Realtor’s estimate for market value;
- Information available on the e-valueBC website; and
- Deadline to appeal your assessment.
Home owner grant (for property taxes) threshold goes up along with assessment values
Responding to the overall increase in residential property value, Finance Minister Michael de John announced the BC government is increasing the home owner grant threshold from $1.2 million to $1.6 million, helping to ensure most home owners will continue to be eligible to receive the full property tax home owner grant this year. For the full press release, please visit https://news.gov.bc.ca/releases/2017FIN0002-000039
Related articles:
Reporting the sale (or deemed disposition) of your principal residence for individuals, new rules for 2016 tax year.
http://www.cra-arc.gc.ca/gncy/bdgt/2016/qa11-eng.html
Additional property transfer tax to foreign buyers.
https://rhncpa.com/additional-property-transfer-tax-foreign-buyers-effective-august-2-2016/
This post has been prepared for general information purposes. It is not advice. The information presented may not fit your unique situation, please consult one of our trusted business advisors at RHN CPA for further clarification and interpretation of your circumstances.