Five misconceptions about property taxes – Greater Vancouver Real Estate Update 2012

Five misconceptions about property taxes - Greater Vancouver Real Estate Update 2012

Five misconceptions about property taxes

1. You can appeal property taxes. No. You can appeal your assessment, not your taxes. You annually receive your assessment 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 now — 11 months later — may find the market has changed, the home has had an addition or the street has been re-zoned, all of which affect value.

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.

If you have any real estate questions or if you are thinking of buying or selling your home, please contact James Louie Chung, Metro Vancouver REALTOR® — Real Estate Agent at james@hellovancity.com or call / text ( 6 0 4 ) 7 1 9 — 6 3 2 8 today!

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James Chung

Founder & Editor in Chief of Hello Vancity magazine. Email james@hellovancity.com

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