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2017 Property Assessment Increase


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#61 Nparker

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Posted 04 January 2017 - 10:56 AM

How about the kids start paying the taxes now, fair deal?

Might not want to make that arrangement prior to the kids making any decisions re grandpa's pre-death care.


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#62 GabriolaGirl

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Posted 04 January 2017 - 05:47 PM

Last year the Gov't increased the value which homes would still receive the HOG.  Wouldn't be surprised is CC does this again, esp considering all the election goodies being bandied about.



#63 Nparker

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Posted 04 January 2017 - 06:41 PM

Last year the Gov't increased the value which homes would still receive the HOG.  Wouldn't be surprised is CC does this again, esp considering all the election goodies being bandied about.

I'd more surprised if CC's crew didn't do this in advance of the election.


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#64 North Shore

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Posted 04 January 2017 - 09:49 PM

waah, waah, fixed income..we're all on a fixed income, nevermind the fact that property that cost 5x annual salary back in the day now costs 20x annual salary....


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Say, what's that mountain goat doing up here in the mist?

#65 Nparker

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Posted 04 January 2017 - 10:22 PM

waah, waah, fixed income..we're all on a fixed income...

OMG yes!!!! How is it that seniors with federal pensions that are indexed for inflation are somehow on a "fixed" income? Even in my best years in the public service my wages have NEVER been adjusted quarterly to match the CPI.



#66 VicHockeyFan

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Posted 05 January 2017 - 08:16 AM

I think when people say seniors are on fixed incomes, they mean they have no prospects for a higher-paying job, or additional job etc.   Like most of us working folks have.


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#67 Nparker

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Posted 05 January 2017 - 08:59 AM

I think when people say seniors are on fixed incomes, they mean they have no prospects for a higher-paying job, or additional job etc. like most of us working folks have.

With no mandatory retirement seniors can work as long as they like even while collecting OAS. In addition, most seniors in Canada do not have mortgages and probably enjoy a higher standard of living than a lot of working folks. I have minimal sympathy for the property-rich.


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#68 VicHockeyFan

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Posted 05 January 2017 - 09:02 AM

With no mandatory retirement seniors can work as long as they like even while collecting OAS. In addition, most seniors in Canada do not have mortgages and probably enjoy a higher standard of living than a lot of working folks. I have minimal sympathy for the property-rich.

 

Oh, me too.   

 

Canadians 65 and older have amassed wealth like no other age cohort before them, having been blessed enough to work in an era where generous pensions plans were still standard, where stock portfolio growth was spectacular, and with gains in housing prices that no future generation might ever see again.

 

http://business.fina...and-spending-it


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<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#69 North Shore

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Posted 05 January 2017 - 10:48 AM

I think when people say seniors are on fixed incomes, they mean they have no prospects for a higher-paying job, or additional job etc.   Like most of us working folks have.

 

Do we though?  In my particular industry, it's usually a pay cut to get ahead (and I'm old enough that i won't earn back the loss that I take) Drs, lawyers, accountants, nurses, mechanics, in fact just about every  occupation that I can think of, once you're in, say, your mid-30s (home buying demographic?) then it's incremental raises at best.  Do people get 30% raises by changing jobs?  I'm sure that it happens occasionally, but probably very infrequently..


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Say, what's that mountain goat doing up here in the mist?

#70 satellite

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Posted 05 January 2017 - 10:58 AM

Its not like municipal tax revenues are rising 30% in a year due to assessments ... the city will adjust the required tax take based on the aggregate housing numbers to meet their requirements, no?  So the only issue aside from potentially a phased loss of the HOG starting at $1.1M is if your rising faster than the average. And if you can't afford $570 because your house is >$1.1M ... move.   


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#71 johnk

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Posted 05 January 2017 - 11:38 AM

My assessment arrived yesterday with a thud. +41%!
Most of it in the land portion. In the current market, to be expected. Land is the thing they aren't making any more of and I haven't done anything to my house since 2011.

#72 Nparker

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Posted 05 January 2017 - 12:21 PM

... the only issue aside from potentially a phased loss of the HOG starting at $1.1M* is if your rising faster than the average. And if you can't afford $570 because your house is >$1.1M ... move.   

I suppose seniors don't qualify for the "extra" (age-related) portion of the HOG if their home is over the threshold for the basic grant.

 

* currently the threshold for the HOG reduction begins at an assessed value of $1.2 million & greater
(http://www2.gov.bc.c.../senior#qualify)



#73 VicHockeyFan

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Posted 05 January 2017 - 12:28 PM

My assessment arrived yesterday with a thud. +41%!
Most of it in the land portion. In the current market, to be expected. Land is the thing they aren't making any more of and I haven't done anything to my house since 2011.

 

You're richer than you think!  Beers on you next time.


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<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#74 johnk

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Posted 05 January 2017 - 01:17 PM

You're richer than you think!  Beers on you next time.


Shhh. So far just you NP and Seb, three is all I can afford!
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#75 Nparker

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Posted 05 January 2017 - 01:36 PM

...So far just you, NP and Seb; three is all I can afford!

I don't drink beer, so I'll take the cash equivalent.  ;)



#76 GabriolaGirl

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Posted 05 January 2017 - 03:18 PM

Our place is only up 8% this year after 5 years of lower & lower assessments.  We're not quite back up to 2013 & nowhere near our 2007 value.  We're not moving any time soon so we don't care and cheaper taxes for us. 



#77 Nparker

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Posted 06 January 2017 - 12:28 PM

I found the numbers in this statement to be interesting

 

...Nugent noted at the end of 2015 there were 500 condo listings on the multiple listings service, and at the end of 2016 that number was just 186...

- See more at: http://www.timescolo...h.eyY4TfNE.dpuf

It would appear our region needs a whole lot more condos ASAP. Of course, restricted inventory makes my condo all the more valuable to prospective buyers, so I am not complaining.


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#78 Sparky

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Posted 06 January 2017 - 12:28 PM

House prices bouncing back..jpg


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#79 johnk

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Posted 06 January 2017 - 12:52 PM

I don't drink beer, so I'll take the cash equivalent.  ;)


Your cheque is in the (snail) mail. ;-)
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#80 jonny

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Posted 06 January 2017 - 01:59 PM

I found the numbers in this statement to be interesting

It would appear our region needs a whole lot more condos ASAP. Of course, restricted inventory makes my condo all the more valuable to prospective buyers, so I am not complaining.

 

Unfortunately, by the time any new development proposals move through our slow as molasses approvals processes, the market may be totally different.



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