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BC Assessments Vs. What Your Home is Truly Worth

BC Assessment notices have arrived in the mail, giving some homeowners a big smile and a bit more spring in their step (increased property taxes aside), while others wilt and lament at a modest gain or decrease in assessed value.

But hold on a sec. Neither this assessment document, nor either parties’ emotions, are tied to a current true market value. In fact, provincial property assessments can be significantly too high or too low. Values are determined in July of the previous year, and properties are rarely visited in person by provincial appraisers.

For this reason, provincial property assessments should never be solely relied upon as any sort of relevant indicator of true market value for the purposes of purchase, sale or financing. Continue reading

New Speculation and Vacancy tax

Yesterday it was announced the insane way in which it will be administered.  It is in essence a reverse billing method which you might recall was outlawed by the federal government in the 90’s for the cable companies.  The government will be sending out notices to all home owners very soon that requires them to declare that the home is their principal residence or they will owe that tax as of July 2.

If you neglect to declare, its owed! and it’s retroactive to 2018!

Check out https://bit.ly/2ANGdNI for updates on the new Speculation Tax.  It is up to homeowners to apply for the exemption.

Direct from the government;

Exemptions for the Speculation & Vacancy Tax

The speculation and vacancy tax is designed to prevent housing speculation, turn empty homes into good housing for British Columbians, and raise revenue that will go to supporting affordable housing. Exemptions are available, ensuring that over 99% of British Columbians are exempt.

All residential property owners in the designated taxable regions must complete an annual declaration to claim any relevant exemptions.

Exemptions are also available for special circumstances such as major home renovations and life events such as divorce, hospitalization or extended absence.

Review the details of each exemption and see examples for:

Subscribe to receive updates as new information about the speculation and vacancy tax is available.

HOME SECURITY CHECKLIST

If you’ve never been the victim of a break-in, it’s all too easy to trick yourself into thinking your home security is satisfactory. Never get complacent. Consider implementing one or more of the following items in this home security checklist to keep your property safe and secure:

  • Hire a licensed locksmith to secure your main entry doors with high-quality deadbolts
  • Ensure all sliding doors have a lock (track lock, hinged bar, insertion pin or otherwise)
  • Add locks to windows
  • Install outdoor lighting to keep your property well-lit
  • Never hide spare keys outside
  • Have your neighbours collect your mail while you are away on vacation
  • Do not leave your doors unlocked during the day while your child is at school
  • Consider purchasing an alarm system
  • Consider purchasing a safe to store your valuables in