CTV Vancouver Published Thursday, December 17, 2015 4:12PM PST Last Updated Thursday, December 17, 2015 7:17PM PST
Vancouverites have been warned property taxes are on the rise – and now some of the city’s wealthiest residents have found a way to dramatically reduce their tax bill. Nestled along the Fraser River, palatial estates in the Southlands neighbourhood make up some of the most valuable real estate in Vancouver. Now some of the area’s mansion owners are having their property taxes cut in half by classifying their estates as farmland. Properties larger than two acres and with an agricultural income of just $2,500 a year are eligible for farm status with BC Assessment – even if its owners live in a mega mansion. Jennifer Maynard’s family owns Southland’s heritage farm, a working farm that includes horses, a farmer’s market, and other barnyard animals. She says the farm status of the property makes their lifestyle affordable. “We make our living doing this,” she said. “It’s our job – I’m a farmer.” Maynard says she doesn’t mind the area’s rapid growth and influx of millionaires, but doesn’t think it’s fair when people build “barns” to store their vintage cars. “That’s what bothers me – it’s really cheating,” she said. “I don’t think it’s fair.” For example, one waterfront estate that used to be assessed at $6.6 million has had its property tax halved; another 2.3 acre property was assessed as a farm worth just $117,000. (more)