Property taxes
Posted by paige on March 31, 2011 | No Comments
The city of Kelowna will be mailing all property tax notices in the third week of May. Check out this link to find out how to estimate what your taxes will be this year. There’s also a lot of other information here. For instance did you know that if you’re 55+, or have a disability you may qualify to defer payment of your taxes? I heard an interesting story about tax sales the other day. Each year the city has a tax sale of homes where the owners haven’t paid tax on their real estate. These sales rarely go through because of the exceptionally long period of redemption (usually owners have about a year to pay up and can usually figure something out by then vs losing their home). One fellow looked at these sales as a good way to “invest” his money. He’d have a contract of purchase and sale accepted by the city, put his deposit down, wait the year, and when the owner redeemed the city gave him back his deposit with about 7% interest. Voila… money made!
Speaking of taxes, I just heard yesterday that the government has been charging 21% Translink Tax to parking charges and to add insult to injury there is 12% HST (since July 1, 2010) on the 21%. For instance, if you pay $100/month for parking your charged 21% bringing the total to $121. Also add on the HST bringing total to $135.52. Tax on a tax? What a scam
For all your Kelowna real estate needs please call me on my direct line at 250-862-6464.
Talk to you soon…
Paige
Tags: investing in Kelowna real estate, kelowna homes, paige guernsey, property tax
Filed Under: Kelowna Real Estate
