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Showing posts with the label Property Taxes

Richmond Real Estate Market

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Richmond is an island city. It is made up of a number islands in the Fraser River delta. It is just one meter above sea level. It was prone to flooding, especially during high tide. Therefore, major islands are now surrounded by a system of dykes, which serve to protect the town. Also, since it occupies land in a river delta, the city has plenty of rich soil for agriculture. Richmond is a culturally unique community. As of 2021, the city has an estimated population of 209,937 people with 60 percent being immigrants, the highest proportion of immigrants in Canada. Majority of immigrants are Chinese. Richmond has been experiencing growth and change, transforming from a rural, local community to an international city with a balance of urban, suburban family and rural areas. The city is 20 minutes from downtown Vancouver and 25 minutes from US border. It’s the location of Vancouver’s international airport.  The SkyTrain, Canada Line, speeds up transit system and connects Richmond to other
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Speculation &Vacancy Tax and Vancouver’s Empty Homes Tax

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  The speculation and vacancy tax is an annual tax paid by owners of residential properties in designated taxable regions of BC. It only applies to properties classified as residential that are also in designated taxable regions. Registered owners of residential property in a designated taxable region must complete a declaration EACH YEAR to declare their residency status and how their property has been used. If a property has more than one owner, each owner must declare separately even if the other owner is spouse or relative. Declaration timeline is: Receive declaration letter mid-January to mid-February Declare by March 31 (declare how you used your property last year. If asked about your income, use income from the year before last year If you owe tax, pay by the first business day in July. The designated taxable regions include Capital Regional District, Metro Vancouver Regional District, City of Abbotsford, District of Mission, City of Chilliwack, City of Kelowna, City of W
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Property Transfer Tax

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People have to pay property transfer tax when they buy a property. This would be added to the purchase price. The property transfer tax is based on the fair market value of the property. The rate is : 1% of the fair market value on the first $200,000 2% of the fair market value between $200,000 and $2,000,000 3% of the fair market value between $2,000,000 and $3,000,000 5% of the fair market value greater than $3,000,000 For example: fair market value is $3,500,000, tax payable would be: 1% on the first $200,000 = $2,000 2% between $200,000 and $2,000,000 = $36,000 3% between $2,000,000 and $3,000,000 = $30,000 5% over $3,000,000 = $25,000  Total property transfer tax: $2,000 + $36,000 + $30,000 + $25,000 = $93,000. More detail, please visit https://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/calculation-examples      There is an additional tax applied for foreign nationals , foreign corporations , and taxable trustees  in the Capital Regional District,
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Property Tax

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Homeowners are responsible to pay a property tax each year. How is the amount you have to pay calculated? The amount you pay for property tax is based on two factors; the property tax rate and the property’s assessed value. The property tax rate is calculated based on an annual budget required to fund important services used every day in the community.  Also, if a property assessed value is over $3 million, an additional school tax rate is applied. The assessment value is set by B.C. Assessment and published yearly. When the property’s assessed value changes, it may affect your property tax. However, it doesn’t mean property tax will increase once your property’s assessed value goes up. The most important factor is not how much assessed value has changed, but how assessed value has changed relative to the average change for your property class in your municipality. If your property’s value is lower than the average change for the property class, your property tax will likely decr
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