Quote:
Originally Posted by Eagle Eye
The city looks at the average increase of home values over the last year. If your home increased the average amount ( I think it was 43%) then your tax increase will be zero. If you home increased less than 43% then your tax will decrease and the opposite for an increase
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I understand the theory; but not the practicality of it. Don't get me wrong, it's not that I want to pay more taxes. It's just I would have been ticled pink to find a tax rate change below the cost of living for myself. Now I have reduction that is being paid for by others; possibly people on fixed incomes.
One thing I was reading is some cities in BC have an option for seniors where they can defer their taxes until they pass away; having the taxes paid by the estate. There's even a favourable interest rate (around 2%) on the back taxes. Just means the kids get less of an inherritance. For me, being in my 30's, I would welcome that if it menat my parents could keep their house longer; or that I didn't have to end up paying my parents' taxes for them.