Five Misconceptions About Property Taxes

Article from the Vancouver Real Estate Board:

1. You can appeal property taxes:
No. You can appeal your assessment, not your taxes. You annually receive your assessment the first week of January and must appeal by January 31.

2. An appeal will change the market value:
The market value may not correlate to the assessed value. BC Assessment typically assesses properties as of the previous July 1. A REALTOR® valuing a home now – 11 months later – may find the market has changed, the home has had an addition or the street has been re-zoned, all of which affect value.

3. If you just bought a home, the previous owners are liable for taxes:
No. When you buy a property you become liable for all outstanding taxes.

4. New home owners can claim the Home Owner Grant:
No. New home owners cannot claim the Home Owner Grant if the seller paid the taxes or if the new home owner claimed a grant on another property.

5. If you’ve been eligible for the Home Owner Grant and didn’t claim it, you can make a back claim:
No, you cannot make a back claim on the Home Owner Grant. The Grant must be used the year it is offered.

See more at: http://www.vireb.com/index.php?page=21&did=7683&level=2&type=unique#sthash.u8vLlebQ.dpuf