Currently, the rate on which taxes are assessed is the same for both single-family homes and condos and based on a municipal average. However, the huge rise in single-family homes has led to large hikes for many owners. A change could mean a lower base rate for those homes.
Mayor Ted Schafer told the Vancouver Sun: “We’re kind of saying everyone should pay a little bit. We’re trying to make it fairer on all property owners.”
The BC minister of Community, Sport and Cultural Development, Peter Fassbender, told the paper that municipalities already have tools in place to offset “dramatic increases” in property taxes.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Ladywood, Maple Grove, Wallace Station, Crowes Mills, Villa Nova
A proposal could help ease the cost burden for some homeowners in Metro Vancouver. The mayor of Langley says the provincial government should consider allowing separate property tax rates, or mill rates, depending on the property type.