Property tax on single family homes up
From todays Vancouver Province, higher assessments on some single family homes leads to a jump in property tax bills:
Mario Tomsich is one of thousands of single-family Vancouver homeowners whose property taxes have surged an average of 14.2 per cent, seven times the rate of inflation.
“The taxes are just skyrocketing because of the value of the property,” the 75-year-old Vancouver landlord said yesterday. “If it keeps going like this, I would have to do something about it. People have been forced to sell their homes.”
…
Vancouver budget director Annette Klein said the 1.23-per-cent tax increase approved by city council was not reflected for single-family dwellings because their assessed values shot up 30 per cent.
They jumped 15 per cent above the average for the residential class, including condos. Property taxes are based on assessed values.
“Single-family homes are picking up more of the overall [tax] revenue,” Klein said. “They are compensating for slower growth in condos.”
This is the first I’ve heard of slower growth in condo property tax – is there an imbalance in the system and should we expect higher tax rates on condos in the future?
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June 14th, 2008 at 10:52 am
Hopefully we’ll see a drop next year, I had about $2100 to pay before the basic grant was requested. I’m not looking to sell and there seem to be a heap of new high rises going up in this area so I have to imagine that demand will 1. drop prices a little and 2. stop too many more high rises going up.
June 10th, 2008 at 1:00 am
My residence in the last post is a condo, not a house.
June 9th, 2008 at 8:10 pm
My property has supposedly appreciated more than average.
My net property taxes increased 32% this year!! I went from claiming the entire $570 homeowner grant in 2007 to becoming completely ineligible for the grant in 2008, due to the increased value of the assessment.
My gross taxes rose 20%. This is despite the 3-year averaging on land values.
A neighbor sold near the peak of the market July 2007, and the new assessment value was pegged very close to that sale price. I say it was near the peak because another neighbor can’t find a buyer at the same price today. All three of our units are assessed equally, which also seems accurate.
I can’t complain. The assessment process seems fair overall and I wouldn’t to change a thing. When I hear how California and other states determine annual property taxes and share the burden, I’m sure glad to live here.
I’m not planning to move anytime soon, so I hope the next buyer in the neigborhood brings a low enough offer to restore my homeowner grant!