VANCOUVER – Lynne Kent says owning a home in Vancouver that’s valued at $4 million isn’t the blessing it may appear to be.
She and her husband are among a small group of homeowners in British Columbia facing a tax bump on homes assessed at over $3 million who say they simply can’t afford it – a claim that some are questioning.
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“I think the whole property value escalation is more of an albatross than a benefit, and have seen it that way because this whole escalation is really pushing us out of our home,” said Kent, 71.
The school tax increase introduced in the B.C. budget would be set next year at 0.2 per cent on the portion of property valued above $3 million. It would increase to 0.4 per cent on the portion above $4 million.