
Originally Posted by
Kenny Satch
This is bullshit for longtime home owners. They pay for 40 years and because prices around them go crazy they get taxed out of the neighborhood
but
The deferral option seems like a fair thing but how much can they do and for how long ?

Originally Posted by
BCMtnHound
Father-in-law has been deferring his property taxes since he retired some 15yrs ago or so. Only has to pay them back if he sells, or when his heirs inherit. He had to have at least 25% equity in the home (he owns it outright) and has to apply for the program each year. Nominal interest is applied (somewhere between 1 and 3% in BC), and he can pay back any or all of it at any time.
The province pays the annual bill to the muni, so it comes off the working Joe’s provincial taxes. Another huge subsidy to the boomers in the wealthy cities, but probably better than them losing the home and having to move in with the kids, or worse.
I don't see how this is a negative for the home-owners. They are perfectly free to sell their house, make a massive amount of money and move to a less expensive area (the island, interior, etc). Buying a house does not entitle you to unchanging taxes/bills/etc for the time you own the property. Life changes - get on with it. Life is about making sacrifices and compromises - give and take. Want to live in Vancouver, which is admittedly awesome for many reasons? The price to live in one of the most desirable locations in the world is it's expensive. Bring cash. And lots of it. Willing to live in Saskatchewan? The price you pay is living in Saskatchewan but your living expenses are significantly less.
"...if you're not doing a double flip cork something, skiing spines in Haines, or doing double flip cork somethings off spines in Haines, you're pretty much just gaping."
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