skier

Hi all,

firstly apologies if this is a repeat question, but I've tried using the search and haven't found what I'm looking for...

We're moving to BC in April (and can't wait!) and although we intend on renting for a year at least we've been trying to determine how much of a mortgage we might be able to borrow.

We've used the mortgage calculators on the TD and Scotiabank websites to get an idea and as we've got a fair idea how much we'll be earning we can enter some of the correct information. However, we have no idea what the property taxes will be. Things like Maintenance fees are quoted on the realtors websites (like on realtor.ca), but I can find no information on property taxes?

I understand how it's calculated from other threads on here, but I can't find any idea how much it will be.

We're looking at Pemberton just north of Whistler, BC.

Again, apologies if this is a repeat, but honestly couldn't find an answer using the search.

Many thanks all!

M & B

JonboyE

As a VERY rough guide assume between 1/2% and 1% of the purchase price per year. In BC you can then knock about $500 off if you live there.

So, if you spend $500,000 on a house expect to pay between $2,000 and $4,500. It is very difficult to be more specific because each municipality has different rates and this depends on the services they provide. A property in a rural area, and not in a municipality, will likely be nearer the low end.

Two sources of information are realtors and city hall.

R I C H

Some info in this recent thread: http://britishexpats.com/forum/showthread.php?t=651782

skier

Thanks JonboyE,

I thought I'd find some info on the Pemberton municipal website, but either I'm being thick and missing it, or it isn't there.

I read somewhere (I think) that it was 1% on the first $200,000 and 2% on the remaining balance of the purchase price?!

skier

Thanks RICH, that's the thread I mentioned. It shows how the tax is calculated:

The actual amount of the tax you pay depends on the municipality. If two houses are assesses at $300,000 and $400,000 and the municipality needs $6,000 the first house pays 6,000/(300,000+400,000)*300,000 = $2,571 and the second house pays 6,000/(300,000+400,000)*400,000 = $3,429.

But doesn't tell me how/where to find the specifics for any particular area... i.e. how many homes they have, how much the municipality needs etc.

Figured it would be on the Pemberton Municipality website, but can't find it...

JonboyE

That is the property purchase tax. This is the one-off tax you pay when your title to the property is registered.

skier

Ah, so on a property of $350,000 we'd pay $5,000 as a one-off like stamp duty?

Out of interest, is there a reason you can knock-off $500 for living in BC?

Thanks again

JonboyE

It seems that Pemberton is not a municipality, but is administered by the Squamish - Lillooet Regional District. This could be good news on the property tax front. You'll need to go to the Privincial Government's website to get an estimate of the taxes http://www.sbr.gov.bc.ca/individuals.../tax_rates.htm

JonboyE

Yes, exactly like stamp duty.

It is not for living in BC, it is for living in your property. Landlords therefore pay higher property tax than owner occupiers. It is $570 this year.

skier

Thanks again JonboyE, looks like we're going to have to wait until we get there to get a decent idea of what taxes will be involved, but you've given a very useful ballpark figure.

Cheers again,

M & B.

MB-Realtor

Realtors have the Property Tax information, just send an e-mail to the listing agent, or if you are sensible to your own Buyers Agent, and they will be able to tell you.

iaink

But bare in mind that the property will more than likely be reassesed in short order to whatever you paid for it, as that's by definition the market value.

My taxes more or less doubled over what the previous owner paid, in part because MPACs assesments tend to lag actual values. I suspect thats so that they dont get snowed under by appeals from angry owners looking for a reduction in the assement. Of course, had I known about the BE website back then it wouldnt have caught me by suprise...


My realtor unfortunatly was about as much use as a chocolate teapot, which didnt help any either...YMMV of course, but around here MPAC valuations have a rather charming retro feel to them.

Aviator

Property taxes can change year to year. If you do any alterations on the property and get permits (like you are supposed to), the value will be reassessed by BC assessment.

These are the guys who set the value http://www.bcassessment.bc.ca/

iaink

www.mpac.ca cover a lot of the other provinces...

Permits? Whats that?

skier

Hi iaink,

wow, thanks for the warning. I suppose they would take any excuse to raise taxes (why should [I]they[I] be any different)...

What are MPAC's and what is a YMMV?