Happy New Year!
Here we go again, another year of vast change and opportunities. Right out of the gate BC home owners received their 2017 Property Assessments AND what a change they reflect from your 2016 valuation. Just a reminder, these assessments were as of July, 2016. In that time BC housing had skyrocketed some 46% for single family homes. Townhomes and Condo's saw increases but nothing compared to single family.
Now that the threshold for Home Owner Grants has been increased to $1.6M it still leaves many homeowners without an allowance. In Richmond alone that equates to over 14,000 SF properies!
Of course you can appeal your assessment but only until JAN 31.
You can defer paying the tax if you are 55 or older, have a dissability or are a surviving spouse of any age. Your cost? .070% per annum (not compounded).
You can pay back at any time without penalty or upon disposition of the property it would be due in full.
With lower mainland SF propoeries expected to decline in overall value by 7-8% this year, those looking to make a move should consider getting that phase underway at your earliest.
With over 25 years of Service Excellence, Trevor is your Trusted Real Estate Advisor. Call me today and let's chat about your goals for 2017.
I'm ready! Call me today and thanks for dropping by.