http://www.bcassessment.bc.ca/pdf/publications/fact_sheets/FS19_Sec19_8.pdf
http://www.bcassessment.bc.ca/pdf/forms/S19_8.pdf
Excerpts: Please read full text from links above)
What does Section 19(8) provide?
This section of the Assessment Act allows certain residential land to be assessed at a lower value than its market value where the owner qualifies and the property has potential for development for a more valuable use than its current use.
Is your property eligible?
Section 19(8) deals with a residential property’s existing use versus its potential use. Examples of residential land with the potential for development are:
• a house located on land that is zoned for, or that has been rezoned for, commercial use (e.g., allowing for a store or office building),
• a house located on a four acre parcel which could be developed into one-quarter acre lots, or
• a single family dwelling in an area zoned for multi-family dwellings (i.e. bungalow in the west end of Vancouver).
Who qualifies?
Residential property owners who have owned and been living on property that is less than 2.03 hectares (approximately five acres) for at least 10 continuous years may be eligible for a reduced property value for assessment purposes. Typically, property owners living in communities or neighbourhoods where land use is changing benefit from this treatment of their properties for assessment purposes. For example, a single family dwelling in an area zoned for multi family high rise buildings could qualify as eligible property for this benefit.
----------------------
Don Quixote Note: This posting is made to inform people of the possibility that they may get an assessment change under certain circumstances. Please check with B.C. assessment to see if you might qualify. The deadline for this year's assessment was last November 30th but next years assessment deadline is the upcoming Nov. 30.
No comments:
Post a Comment