Canada Housing Market Is 63% Overvalued

Do Canadians pay a yearly property tax as property owners do in the United States?

I read your article and assumed "real estate values" as differently as than "property values" such as used to assess property taxes in the US.

Anyways, I think we already have something similar being done here in the US but as "property value" per the assessed taxes.

I think I can pretty much safely say, that most properties here are over valued, not so much for the real estate market, but as a means for the State to collect more property tax than the actual property is actually worth?

Oh well, I guess we all have one hell of a fight coming, don't we?

Jan 18, 2015 19:02:45 GMT -6 @marlingrace said:

Jan 18, 2015 18:44:26 GMT -6 emotionallyincorrect said:

Do Canadians pay a yearly property tax as property owners do in the United States?

I read your article and assumed "real estate values" as differently as than "property values" such as used to assess property taxes in the US.

Anyways, I think we already have something similar being done here in the US but as "property value" per the assessed taxes.

I think I can pretty much safely say, that most properties here are over valued, not so much for the real estate market, but as a means for the State to collect more property tax than the actual property is actually worth?

Oh well, I guess we all have one hell of a fight coming, don't we?

In Virginia it is completely different but in California they asses your taxes based on 1% of the properties assessed value, and it is usually under market value. That was Prop 13 many years ago. The way they got around prop 13 was charging you for waste water fees going out as well as water cost based on going in. Both cost were assessed off of the water meter. I started a water analysis program in the Car Wash industry that led to water cost reductions and had several meetings with the Waste water management board. Once they found out what it was going to cost to further discuss the issue I had to sign a disclosure agreement. Effectively shutting down the research. 

THey didn't want anyone knowing, they charged waste water off of incoming water meter readings even though it was obvious. An example of this would be a nursery with one employee 1000's of gallons of water every month and a single toilet, unfairly cost them big money. 

Well where I live we aren't as "civilized/advanced" as those of you in California? But I can tell you this, I am 52 years old and my parents built their home on 4 acres of ground and now that they are retired and on Social Security the property assessment value that determines their yearly taxes is way above what they could get selling the house on the market value based upon "real estate" values.

So basically, taxes are forcing them to sell off what they both worked so hard to attain? Neither myself nor my brother are in any kind of financial position to attain legal representation for our parents to fight the assessment value.

I recently told my mother to sell the damn house and property! Neither of your sons have the finances to retain it with the current property taxes, so just sell it and enjoy what you both have left in your life!

I told her that they did the best they could to raise their sons, and it is more important to us that they enjoy what they have left in their life than to worry about what they may pass down to their family. The government will end up stealing it away anyways!

I guess it's true that your never truly own you property?