www.bcassessment.ca

Property Assessment is based on evaluations set by the BC Assessment Authority as "market value" (as established by sale prices in the area for this type of property) on July 1st of the previous year. Assessments will increase (or decrease) according to market conditions at the time of Assessment, and/or changes to the condition of the property (i.e. including size of the home and property, additions to the home, additional outbuildings, quality of the home, condition of the home and property, view and location of the property, etc. Annual property taxes cover the period from January 1 to December 31.

Qualifying for the BC Home Owner's Grant:

Homeowners purchasing property in BC can claim the BC Home Owner's Grant for their principal if they have met the following criteria:

- must be a permanent resident of British Columbia (Non-residents owning a property in BC are not eligible for this grant); and
- must be living full-time in the house at the time the grant is claimed (principal residence); and
- must be shown on the title as registered owner.

The grant for under age 65 is $570 per year, while the grant for age 65 and over is $845 per year. The Home Owner Grant does not reduce taxes below $350 for those claiming the $570, or below $100 for those eligible to claim the $845 grant. Please note that a cottage on Gabriola Island (or anywhere in BC) that is used for recreational purposes and occupied only part-time by the Owner does not qualify for claiming the Home Owner's Grant.

Payment of Taxes:

Taxes are payable no later than July 2nd of the current year, otherwise penalties will likely apply for late payment of taxes. Lawyers will generally adjust for taxes when purchasing a property (pro-rated depending on the date of Completion of the sale) on the Statement of Adjustments at the time of Completion.

Deferment of Taxes:

Property taxes may be deferred until the Owner sells the property under special considerations. The general conditions that apply are for people aged 60 or over and for more complete information please review Section 19(8) of the Assessment Act: at the BC Assessment website (www.bcassessment.ca).

While this information is fairly inclusive, it is meant as a general overview in nature. For further information and verification and other things that may apply, please view the BC Assessment website at www.bcassessment.ca or contact your BC lawyer. For local information about Gabriola Island, please email the BC Assessment Authority directly at centralvanisl@bcassessments.ca or email me at jheira@realestate-gabriola.com for further assistance. If you are wishing to purchase a property here on Gabriola Island, a list of lawyers on Gabriola is available by contacting me.