I can't afford to pay the tax on my $6.7 million home - boo hoo boo hoo
- Thread starter JimDandy
- Start date
There is a lot of misinformation in this thread.
In the city of Vancouver a $2,000,000 home is taxed about $5000 annually (a rate of $2.47 per $1,000 is applied to all residential properties).
In addition, the province offers all homeowners who own homes valued under $1,650,000 grants (a grant of $570 if the home is a principle residence and an additional $275 if the owner is a senior).
Anyone over the age of 55 who owns a home in BC can apply to defer their taxes and the interest rate on the deferred tax is 1.45%/annually. This is a provincial program.
The additional school tax on properties valued over $3 million meets the four criteria of good tax policy: simplicity, certainty, efficiency and equity. And it follows property tax policy already practiced in other jurisdictions.
Polling suggests that the school tax policy receives widespread (67%) approval across the province.
The westside of Vancouver's opposition is driven by self interest and politics. Where are all the red signs in opposition of the tax in West Vancouver, Edgemont Village or South Surrey? The signs are nothing more than an attack on Eby by the provincial Liberals in anticipation of their recall campaign.
The threat of people losing their homes due to this policy has been overstated and isn't real, unless their property is already heavily indebted by mortgages or lines of credit.
In the city of Vancouver a $2,000,000 home is taxed about $5000 annually (a rate of $2.47 per $1,000 is applied to all residential properties).
In addition, the province offers all homeowners who own homes valued under $1,650,000 grants (a grant of $570 if the home is a principle residence and an additional $275 if the owner is a senior).
Anyone over the age of 55 who owns a home in BC can apply to defer their taxes and the interest rate on the deferred tax is 1.45%/annually. This is a provincial program.
The additional school tax on properties valued over $3 million meets the four criteria of good tax policy: simplicity, certainty, efficiency and equity. And it follows property tax policy already practiced in other jurisdictions.
Polling suggests that the school tax policy receives widespread (67%) approval across the province.
The westside of Vancouver's opposition is driven by self interest and politics. Where are all the red signs in opposition of the tax in West Vancouver, Edgemont Village or South Surrey? The signs are nothing more than an attack on Eby by the provincial Liberals in anticipation of their recall campaign.
The threat of people losing their homes due to this policy has been overstated and isn't real, unless their property is already heavily indebted by mortgages or lines of credit.
On principle I don't think popularity is an indication of fairness. For example, a proposition that the full collective tax burden would fall exclusively on the shoulders of people named Bill Gates and everyone else gets to pay 0% might even have wider support.
That's what I was getting at by saying this is more a political calculation than a logical one.
Not paying property taxes does not mean you have to sell your home.My father got involved with a woman who was a retired teacher from Ontario.She decided as she was living in BC that she should not have to pay the taxes on the home in Ontario.Yeah well she got a wake up notice and my father the sucker paid off her back taxes.He said to me "she was going to lose her house" to which I replied "no she either had to pay the taxes or sell the house and then pay the taxes".....no government and even the most filthy Socialist government imaginable in Canada is going to seize your home over say $20,000 in unpaid taxes and sell it a keep ALL of the money.....tax bill gets paid and the rest goes to the owner.
Here in Calgary we get hit with year over year over year over year tax increases and at the same time the LEGACY COSTS for current retired Civic workers as well as the cost of current working Civic workers is 65% of the Civic budget and it keeps going up 2-3% every year.It is not sustainable and the line needs to be drawn in the sand.
As a kid growing up in Calgary I heard my dad complain about a lot of things but I never heard him bitch about property taxes.....because back then Calgary did not have a blue behemoth of a city hall that was packed with an army of pencil pushing bureaucrats who feed at the trough.
SR
Here in Calgary we get hit with year over year over year over year tax increases and at the same time the LEGACY COSTS for current retired Civic workers as well as the cost of current working Civic workers is 65% of the Civic budget and it keeps going up 2-3% every year.It is not sustainable and the line needs to be drawn in the sand.
As a kid growing up in Calgary I heard my dad complain about a lot of things but I never heard him bitch about property taxes.....because back then Calgary did not have a blue behemoth of a city hall that was packed with an army of pencil pushing bureaucrats who feed at the trough.
SR
I am so fucking happy the vote result came out as NO......the city bureaucrats were drooling over how much tax payer money they could piss down the toilet and the owners of the Calgary Flames same thing.....they were licking their chops
for a new arena at tax payer expense....the owners of the Flames have made money hand over hand for DECADES....if they want a new arena let them stick a crowbar in their collective fucking wallets and PAY for it.I have made deliveries
to several of the ownership group's homes and have seen how they live(cant disclose details) and I have no sympathy for them.
SR
Folks like it when their homes appreciate in the millions. They don't really like the tax that goes with it. Sadly most people had literally no input into why their property became so valuable. Crooked people laundering money,paying cash for properties did that. You see it around the lower mainland and in greater Victoria, empty houses in trendy neighbourhoods just sitting vacant, many bought and paid for with cash.
https://www.vancourier.com/real-est...omes-dropped-in-value-infographics-1.23625395
Some recent drops - this could be the start of a long trend, since people want to cash out while its still good. Would buyers cooperate or stay on the sidelines in anticipation of a further decline?
Some recent drops - this could be the start of a long trend, since people want to cash out while its still good. Would buyers cooperate or stay on the sidelines in anticipation of a further decline?
