Top Misconceptions About Property Taxes
Every year, colleagues, friends and REALTORS® contact me to discuss property tax issues. The top misconception about property taxes is that they can be appealed. They cannot. For more information on this subject, please refer to Sylvia Sam’s column on the first page of this insert.
Here are five more misconceptions people have about property taxes:
1. I just bought a home and there are taxes owing. Are the previous owners responsible?
No – When you buy a property you become liable for all outstanding taxes, unless otherwise written in the contract.
2. I didn’t receive my tax notice, which means I don’t have to pay property taxes this year.
No – You are responsible to pay your taxes whether you receive a tax notice or not, so contact the tax office of your local municipal finance department immediately. It is your responsibility to make sure that your municipality and BC Assessment have your correct mailing address.
3. I own two homes and I’m going to claim the Home Owner Grant for both.
No – The Home Owner Grant is only available on your primary residence, not on a secondary residence.
4. I haven’t improved my property recently. Shouldn’t my tax notice be the same as last year’s?
No – Property values have increased throughout the Board’s area. Assessment notices sent to property owners this past year reflect this increase. Other taxing authorities such as the school district or the regional transportation authority may also have raised rates.
5. I haven’t claimed my Home Owner Grant for many years and I paid the full amount of taxes for each year. This year, I want to claim back all my missed grants.
No – You can only claim the grant amount for the prior year. Forms are available at your local municipal finance department. You will require proof of residency.
If you have property tax questions, contact
me at 604.730.3029 or at hpermut@rebgv.org
"Every real estate transaction must satisfy and fulfill your unique real estate needs." As a full time realtor, Chris Tioseco has an extensive knowledge of Vancouver, this wonderful urban city that he calls home. Driven to deliver exceptional results, Chris approaches each real estate opportunity with the same enthusiasm, expertise and professionalism that he would his own. Selecting your next home is one of the most important decisions you will ever make. Let Chris work diligently with you to achieve your current and future real estate goals." Site Updated [ 04/23/07 ]