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    Vancouver Property

    It's getting crazy here. We just received our assessment and we went up another $106,000,.00 in one year. The most expensive place in Port Moody is just down the street from us.

    1098 square feet built in 1965. One bedroom, 1.5 bathrooms. Assessed at 9 million. It is on 5 acre though.

    We bought 35 years ago and our little place, 1485 sq. feet , has increased more than 13 times what we paid back then.

    No kids and we defer our property taxes, so all is good

    #2
    The huge increases in assessed values and correspondingly huge increases in property taxes are what caused the proposition 13 revolt in California in the late 70s. Back then there were retired people on fixed incomes forced to sell their homes because they could not afford property taxes.
    https://www.google.com/url?sa=t&rct=...7liBuNq-ehA9jF
    1999 3788, Cummins 270 "Freedom"
    2013 Boston Whaler 130 SS
    Anacortes, WA

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      #3
      Wow... time to sell and move to Campbell River where you could buy a house for about 1 year's interest on $9mil worth of capital - and be in Desolation Sound in less than 1 hour!
      Terry
      1999 Bayliner 3388
      Twin Cummins 4BTA
      Fisherman, Cruiser, Boaticus-enthusiasticus-maximus
      Member Royal Victoria Yacht Club

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        #4
        We have been in our home for 43 years in Mukilteo, about 25 miles north of the Space Needle through some of the worst traffic in the country. The BQE has nothing on I5 here. Our assessment is 14 times what we paid.
        Johnny, have you considered adoption? Diane and I would be willing candidates.......
        P/C Pete
        Edmonds Yacht Club (Commodore 1993)
        1988 3818 "GLAUBEN”
        Hino EH700 175 Onan MDKD Genset
        1980 Encounter Sunbridge "Misty Blue" (Sold)
        MMSI 367770440
        1972 Chevrolet Nova Frame off Resto-mod in the garage
        Boating on the Salish Sea since 1948

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          #5
          The traffic is no better here. I retired last year. My commute was an hour and a half each way. I sure don't miss that.

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            #6
            Living in Surrey now, but not yet retired. I hope this market holds till I do because I'm outta here pronto after that. Work at YVR and my commute is always challenging thru Richmond. Have property up the sunshine coast to build on when the time comes. Wanna buy a bigger boat and spend my days with the admiral exploring, fishing and floating around.
            Sea Venture
            2000 3055, 5.7/B2, 18x23" props
            Cruising the PNW and beyond.
            DIYC, Riverhouse Marina
            MMSI 316029971

            Kirk
            Drinks well with others.

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              #7
              Wow, the system must be different there. Here, at that value assessed I would pay $100,000 in taxes per year. I would definitely have to move.
              Bayliner 195 Bowrider 2013 4.3l 220hp MPI
              Alpha 1, Gen II
              2012 Toyota Highlander V6 4wd with tow package
              Albany, Ohio

              MMSI: 338234042

              Less than 150 days until retirement.


              Beware the men of measured merriment
              (Sinclair Lewis, Arrowsmith, paraphrased)

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                #8
                Originally posted by Johnny_Vintage View Post
                It's getting crazy here. We just received our assessment and we went up another $106,000,.00 in one year. The most expensive place in Port Moody is just down the street from us.

                1098 square feet built in 1965. One bedroom, 1.5 bathrooms. Assessed at 9 million. It is on 5 acre though.

                We bought 35 years ago and our little place, 1485 sq. feet , has increased more than 13 times what we paid back then.

                No kids and we defer our property taxes, so all is good
                How do deferred taxes work?
                Esteban
                Vancouver, BC
                Former Bayliners 3218, 2859, 2252, 1952

                Comment


                  #9
                  Originally posted by Norton_Rider View Post
                  The huge increases in assessed values and correspondingly huge increases in property taxes are what caused the proposition 13 revolt in California in the late 70s. Back then there were retired people on fixed incomes forced to sell their homes because they could not afford property taxes.
                  https://www.google.com/url?sa=t&rct=...7liBuNq-ehA9jF
                  Prop 13 is about the only thing CA has going for it. I think they tried to repeal it before but it needs a super majority to change.

                  I inherited my parents house in LA and thanks to Prop 13 the tax benefit is transferable. The house is worth over 50 times what they paid for it in the early 70’s but I’m paying taxes on the assessed value of 1976.
                  Esteban
                  Vancouver, BC
                  Former Bayliners 3218, 2859, 2252, 1952

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                    #10
                    My wife and I benefited from prop 13 which our first house. While we owned it property values soared and we would not have been able to afford living there if we had had to pay the corresponding taxes.
                    1999 3788, Cummins 270 "Freedom"
                    2013 Boston Whaler 130 SS
                    Anacortes, WA

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                      #11
                      Eventually that gets the government into trouble. We had that happen in NY many years ago. They went years without reassessing houses so the older houses kept paying low taxes and the newer houses were paying major taxes. Eventually it became unsustainable as no new houses were being sold. Then they had to reassess everyone and adjust rates but people found themselves with huge increases. Property needs to be reassessed on a routine basis and the rates need to be adjusted accordingly. The problem occurs when the government gets greedy and sees reassessment as a way to increase values without a matching decrease in rates as a windfall for them. The law was passed that they had to reassess houses and adjust rates downward so the taxes collected did not exceed the previous years by something like 2%. Everything stabilized and things were fair for everyone.
                      Future 4788 Owner
                      Charleston, S.C.

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                        #12
                        Originally posted by green650 View Post

                        How do deferred taxes work?
                        Deferred taxes are available for homeowners over 50 years old. The debt remains until the property is sold, and simple (non-compounding) interest is applied for the duration of the ‘loan’.
                        This is a provincial program in BC handled through Victoria, but applications are made through your local city hall.
                        Rob
                        Bayliner 5788
                        'Merlin V'
                        Vancouver BC

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                          #13
                          Originally posted by MerlinV View Post

                          Deferred taxes are available for homeowners over 50 years old. The debt remains until the property is sold, and simple (non-compounding) interest is applied for the duration of the ‘loan’.
                          This is a provincial program in BC handled through Victoria, but applications are made through your local city hall.
                          So there is no reduction, just an I owe you.
                          What is the tax rate?
                          Is it possible to reach an upsidedown point, where the owner actually owes more in taxes than the home is worth?
                          Esteban
                          Vancouver, BC
                          Former Bayliners 3218, 2859, 2252, 1952

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                            #14
                            My taxes are around $4,000.00 a year plus now a bit less after reaching 65. If my house is going up over a hundred grand a year, deferring here is a no brainer. You pay it off when you sell or both of you are dead. Many people I know are doing this. Some people if they have kids are a bit reluctant. Little Johnny wants all the money!! My Mom told me about it though and us kids said"go for it". She took the money and went to Hawaii each year. When she died, we paid the tax bill and split what we got for the house. The interest rate is very low on the deferred tax.

                            We plan to move over to Parksville this year. I can get a way newer rancher over there for around 6 or 7 hundred grand. They are going down a bit over there but Port Moody is now the place to live outside of Vancouver and prices are still moving up. Sales have slowed a bit so we'll just have to see. Last year properties in my area were selling way over the asking price and selling in a couple of days.

                            Our homes are assessed each year.

                            I take money and put it towards our moorage.

                            Like I say, it's nuts!!

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                              #15
                              So if too many people defer there taxes how does the government get money to run the business???
                              Future 4788 Owner
                              Charleston, S.C.

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