2016 BC Property Assessment

He's on that "New Year, New Social Justice Warrior BS"

Or you were raised by wolves and don't understand how old timers think or in this case feel ?

dealing with a parent with dementia at the moment so definitely get how they think/feel and having to have a much higher than normal level of patience when dealing with them.

as a bit of a continuation from my last post there are also options when it comes to dealing with a parent/relative that has hit that point where their critical thinking abilities are gone and they can no longer act in their own best interests - power of attorney. sure there have been some horror stories where kids take advantage of their parents money, but that's a question of integrity on the part of the kid, not a question of the validity of becoming power of attorney.

these sorts of things shoudl be considered before it gets too late and other entities take over. hell, it's even good to consider it for your own estate once you hit your 40's or 50's, especially if you have kids of your own and appreciable assets that you might want to pass on to loved ones or some organization you care about.

He's on that "New Year, New Social Justice Warrior BS"

it's more along the lines of critical thinking and not falling prey to emotional or biased thinking.

dealing with a parent with dementia at the moment so definitely get how they think/feel and having to have a much higher than normal level of patience when dealing with them.

as a bit of a continuation from my last post there are also options when it comes to dealing with a parent/relative that has hit that point where their critical thinking abilities are gone and they can no longer act in their own best interests - power of attorney. sure there have been some horror stories where kids take advantage of their parents money, but that's a question of integrity on the part of the kid, not a question of the validity of becoming power of attorney.

these sorts of things shoudl be considered before it gets too late and other entities take over. hell, it's even good to consider it for your own estate once you hit your 40's or 50's, especially if you have kids of your own and appreciable assets that you might want to pass on to loved ones or some organization you care about.

18% interest rates would have been 1980's so they had all their marbles such as they were but for 2 days how the conversation would go is:

me " mom all that money you are giving to the bank to pay off your 6% mortgage could be invested to pay you 14%"

mom "well yes but we feel we should own our one home"

me "yeah mom but it doesn't make financial sense cuz you are leaving money on the table"

mom"well yes we feel we should own our own home "

So since they had all their marbles my point would be that it was a gut issue, still in spite of WWII getting in the way of more than grade 10 education they died being worth close to a million … so they did something right

YES! NSMB'ers are getting to the age where we will all be dealing with the parents at the end of their life, I tossed my last parent's ashes off the back of a boat last july ( a lebowski moment!) fortunately my sister the banker had all those financial ducks is a row so the estate is pretty close to paid out already but I shudder to think about the mess others go thru

And our kids will be managing a life where having positive interests rates are completely untenable from a global perspective.

Kahneman my people.. it's the way of the future.

18% interest rates would have been 1980's so they had all their marbles such as they were but for 2 days how the conversation would go is:

me " mom all that money you are giving to the bank to pay off your 6% mortgage could be invested to pay you 14%"

mom "well yes but we feel we should own our one home"

me "yeah mom but it doesn't make financial sense cuz you are leaving money on the table"

mom"well yes we feel we should own our own home "

So since they had all their marbles my point would be that it was a gut issue, still in spite of WWII getting in the way of more than grade 10 education they died being worth close to a million … so they did something right

YES! NSMB'ers are getting to the age where we will all be dealing with the parents at the end of their life, I tossed my last parent's ashes off the back of a boat last july ( a lebowski moment!) fortunately my sister the banker had all those financial ducks is a row so the estate is pretty close to paid out already but I shudder to think about the mess others go thru

yeah, i know how it played out with 22% rates. saw my parents go from having a house with no mortgage to losing everything because pops wanted to remortgage to buy land and build a house to get in on the housing boom and make some money. boom is exactly what happened and the next thing you know we're renting my mom has to go back to work to pay back what they now owe to the back. this of course happened even though my mom warned my dad against doing it and told him to get advice from a real estate lawyer (who also told him fuck no, don't do it) but yet he went ahead and did it anyway. sometimes you can do all the right things and people are still going to make bad decisions and there's nothing you can do about. with the way things have gone wiuth my pops we've looked back at some of his decisions like this and wondered if there wasn't shit going wrong upstairs with him back then.

imo, at the end of the at least try and make a good argument to try and help people to make smart choices and in rare cases, if need be, take the choice away from them so you can make it for them.

Ya ma lost her mind so we put her in the home and invoked the power of attorney, if she hadn't have died we could have sold the condo sooner while she was still alive before the prices started dropping but instead we had to get probate which all took time and …the prices dropped but not much

Back in the day around 81-ish pa said "when the average joe can't afford to buy a house the bottom will drop out of this market" and he was right which does not speak to the present day

but he was wrong about paying out that mortgage

So glad you poor poor home owners are getting the property tax break you need. Chin up eh?

i know a friend in a somewhat similar situation and will unfortunately be having to deal with it a few years down the road. it's vitally important to get all this stuff sorted out before parents/relatives pass away to reduce the amount of bs and red tape one would otherwise have to go through. if people aren't willing to take the time to educate themselves on the rules then it is highly recommended to speak with an estate lawyer to get things sorted out.

we had other issues that dragged out one estate , but the father in-laws estate was over 3 yrs and the government made some serious money he had 3 houses and a small business .

also look into the Will Variance Act ,we set a precedent in this a couple summers back with one of the estates , cost a shit load of $$ but it will benefit others who end up in similar situations down the road with family .

In the local paper today , there was a write up in regards to the property assessments going up by 36% in Maple Ridge , it stated that your taxes will not be increased by the same percentage , maybe 35% LOL but not 36%

so the estate should enjoy the windfall provided by the economy (rising home prices) without having to incur any taxes? the home can still be just a home and there are systems in place to assist those that need it, ie deferral.

Besides, the interest on deferral is 1/3 prime, about 0.7% at today's rate. You can get 2% interest on a CIDC insured cash deposit today. So you can defer your tax and make money while inflation eats away at the eventual cost of your deferral when you finally sell your home.

Besides, the interest on deferral is 1/3 prime, about 0.7% at today's rate. You can get 2% interest on a CIDC insured cash deposit today. So you can defer your tax and make money while inflation eats away at the eventual cost of your deferral when you finally sell your home.

The rate is 0.7% if you are 55 or older. If you are doing the deferral based on have kids or dependents the rate goes to 2.7%. I am in the latter group and am weighing the pros / cons of deferring the ppty tax and putting the $5K or so into RRSP/TFSA or other investments paying off mortgage faster …

The rate is 0.7% if you are 55 or older. If you are doing the deferral based on have kids or dependents the rate goes to 2.7%. I am in the latter group and am weighing the pros / cons of deferring the ppty tax and putting the $5K or so into RRSP/TFSA or other investments paying off mortgage faster …

Yes … was actually thinking of deferral more as a thing you did if you were older, on a fixed income and a house that is paid off or with lots of equity. If you have a family, little equity ([HTML_REMOVED]25%) and can't make the property tax then you are living perilously close to the edge of affordability.

out of curiosity i did some number crunching last night. for those who don't know your property taxes are based on two things; the assessed value of your property set by the prov govt in july of the previous year and the mill rate which is set by your local govt. so just because your assessment jumps 35% it doesn't mean your property taxes will. for some people their taxes may actually go down.

one interesting thing that came up is that local govts don't discern between condos and houses which means that with the way prices have increased, house owners may get hit with larger percentage increases than condo owners. a reasonable argument can be made that this is unfair, but you could also say that single family homes "use up" more city/municipal services than condos do.