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Posts tagged ‘rural’

SOLD! – Gorgeous Acreage And 4 Bedroom House For Sale In Sooke – 3750 Otter Point Road

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SOLD! MLS® 318314 – $399,900

A place to get away from it all and raise your family in peace and serenity. This awesome faux-Tudor style 4 bedroom, 2100 sqft home sits on an absolutely lovely 1.26 acres of lush forest that has been selectively logged to open it up to the south-east sunlight. Read more

Rural Living In Sooke: Well, Well, Well – All About Your Water Supply

Photo Credit: congvo on Flickr (click photo for link)

Chances are, if you live on an acreage in Sooke, or anywhere else in greater Victoria for that matter, you have a well. If you’re considering buying an acreage property, this may be your first experience with your own water supply. Water in our region is plentiful, thankfully, and we enjoy abundant, cheap, good-tasting municipal water supply from the CRD. How is it different to own a well and what considerations do you need to take to ensure a reliable, safe, and tasty water for decades? Read on to find out!

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How Do Property Taxes Work, And When Are They Due In 2011?

First, the easy part: your 2011 property taxes are due July 4, 2011. If your property is in the District of Sooke, you can pay in myriad different ways. There is a drop box for your cheque at municipal hall, or you can visit and pay in person. You can pay in person or online with most banks, or you can mail a cheque. If your property is in the Juan de Fuca Electoral Area (Otter Point, Shirley, Jordan River, Port Renfrew, or parts of East Sooke), your taxes are payable to the provincial Minister of Finance and can be paid in person at a Service BC office, dropped off at the Surveyor of Taxes in Victoria, or online or in person at most financial institutions.

Many home owners will have their taxes paid automatically by their mortgage lender. Lenders will estimate your taxes owing and you’ll pay, along with your mortgage payment, into a side account from which the taxes are paid every year. Lenders do this because they want to be sure the taxes are paid – property tax debt takes priority before mortgages should the borrower default!

However, even if your lender pays the taxes, you’ll want to apply for the Home Owner Grant. The Home Owner Grant is a yearly grant from the provincial government to help offset your property taxes. If you qualify, that’s $570 off your property taxes! You’re eligible for the grant if :

  • you are the owner (or spouse/relative of the deceased owner) of the property;
  • you are a permanent resident of British Columbia
  • you occupy the building on the tax notice as your principal residence
  • you have not applied for or received a home owner grant on any other property in the Province during the calendar year; and
  • no other person can have received a home owner grant on the property for the calendar year.

Most property owners in Sooke will qualify as long as it is their principal residence. The grant is less for properties over $1.15M in assessed value. There is also an additional grant for seniors and other groups.

The thing that confuses people the most is the timing of your taxes. Even though you pay your taxes on or about July 2 of every year, you’re paying for that whole calendar year (ie, January 1, 2011 to December 31, 2011, not July 2, 2011 to July 2, 2012). Where this can come up is when you sell your house. People sometimes assume that if they sell their home in the spring, they’ve already paid their property taxes. Not true, because they haven’t been levied yet. When you sell your home, no matter what time of year, your lawyer or notary will have to adjust for the taxes on the statement of adjustments at closing.

For example, If you sold your home and it closed on March 31, 2011, the adjustment would be negative (a debit) to compensate the buyer for the time you occupied the house in 2011 (90 days) – since they will be responsible for paying the property taxes in July. If you sold your home and it closed on August 1, 2011, you would have already paid the taxes, so the adjustment would be positive (a credit) with the buyer compensating you for the time the buyer enjoys the house in 2011 (152 days).

Where does your tax money go? In the District of Sooke, it is interesting to note that only 42% of your tax bill funds municipal services directly. The rest is paid on your behalf to other taxing authorities, including BC Transit, Vancouver Island Health Authority, the Capital Regional District, schools, hospitals, and fire and police service. In the Juan de Fuca Electoral area, it depends on which unincorporated community you live in.

Some other Sooke property tax tidbits:

  • Sewer parcel tax is $515, included in the total payable taxes on your property tax notice, if you live within the sewer specified area.
  • Taxes in Sooke remain among the lowest in the Capital Regional District
  • The District of Sooke has a 5-year financial plan which it updates yearly

 

 

 

Rural Living in Sooke: Acreages, Horses, And Hobby Farms

A Massive Broadleaf Maple on an Acreage in Sooke

When I talk to people about real estate in Sooke, one thing that always comes up is price – and specifically, how much more you get for your money here in Sooke, compared to other greater Victoria locations. Many of my clients seek a move to Sooke to get off their postage-stamp property in the city or ‘shoebox in the sky’ and on to their own piece of paradise: a rural acreage.

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