Richmond Real Estate Market

-
Image
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
1 comment

Property Tax

-

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 decrease. Only when your property’s value is higher than the average for the property class, would your property tax increase. More detail is available at https://info.bcassessment.ca/services-and-products/Pages/Property-Assessments-and-Property-Taxes.aspx

If your property is your principal residence, you are entitled to apply for the home owner grant each year. Furthermore, seniors, veterans, persons with a disability, persons living with a spouse or relative with a disability and a spouse or relative of a deceased owner can apply for an additional grant on the top of basic home grant. For more information, please visit https://www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/home-owner-grant

For more information regarding property taxes, please click here or contact me at awang@macrealty.com 

Comments

Post a Comment

Popular posts from this blog

Residential Tenancy

-
Image
  Do you invest in real estate market? Do you own a property which you would like to rent it out? Here is some key points you need to know and follow. Otherwise, you may get yourself in trouble. Lease agreement Residential Tenancy Regulations from the Province of BC requires that a tenancy agreement must be in writing, signed and dated by both the property owner and tenant. Also, it requires some items be included. Making things easier, I suggest you download a standard form from Residential Tenancy website   It includes every necessary item. Type of tenancy Generally, a landlord and tenant have a fixed term to begin. When the term expires, if the landlord and the tenant don’t enter into a new agreement, and the tenant continues to stay, the original agreement is automatically renewed on a month to month tenancy. T enancy termination If   the tenant wants to end tenancy, at least one month notice has to be given. It's more complicated for the landlord to end tenancy. More deta
Read more

Living in Gastown

-
Image
Gastown has been designated a national historic site. It is in the downtown Vancouver east side,  adjacent to downtown Vancouver . You’ll see the old town of Vancouver with heritage brick buildings and historic character, Gastown is mix of contemporary fashion boutiques, tourist businesses, good gift shop for souvenirs, fine restaurants, bars, cafés, newly upscale housing and etc. The world-famous steam clock is in Gastown.  Also, waterfront station is steps away to Gastown. It’s Vancouver’s main transportation terminal from where you can catch the SkyTrain to almost anywhere or take SeaBus across Burrard Inlet to North Vancouver.  With everything Gastown provides, living in Gastown would be a great advantage. Now there is a very nice one bedroom and den apartment going on the market. It’s located at 55 Alexander Street, the most desirable street in Historic Gastown. The suite is in a winning heritage style building with great view of the harbour, mountains and downtown. Excellent int
Read more

Richmond Real Estate Market

-
Image
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
Read more