YAY! We had a new tax bill come out for our investment property a few months ago and we had just bought this place this past June. The taxes went from $1700 a year up to $2600 a year. They had assessed the house for $124,000 but when we had it appraised by the same office it was valued at $88,000. I found that odd and when I called their office the lady who answered the phone said that the assessment was what the house is worth and the amount you could sell the house for. I tried to tell her that she has the assessment and appraisal mixed up lol.
The house needs a lot of work but it is solid and sound. It was listed by the real estate agent for $95,000 and we actually got it for $82,500 as the owner was retiring and he and his wife were waiting to hop in their Rv to travel for a year around North America. the house was used as a rental prior to selling. The renters really did a number on the inside of this house, holes in the wall, the toilets and sinks are ok but not by much, we need to replace them, new windows etc...I guess the unobstructed ocean view, walk out basement over looking this as well, triple sized in town lot etc make up for it lol.
We had told the municiple taxation people that the taxes were way to high and we were appealing their decission. Well, they went yesterday and the tax man said that whoever had done the assessment must have parked down at the bottom of our driveway (it is 400ft long) and just taken a picture from there. He is going to have our taxes lowered....YAY!!!!
Dh and I will be calling one day this week to see what we will officially owe on our taxes.
I need to find a book/information for Canada regaurding what is claimable for tax purposes when owning an investment property.
I am so Happy that we had asked for them to recheck the taxes....this will save us quite a bit of money for now anyhow I am thinking.
March Break I will be going down to see about painting and patching up any holes in the wall. We owe $61,000 on this property and house prices down that way are still climbing. Dh and I have only seen pictures of this house but we had an inspecter go in prior to purchasing and the real estate agent is a good friend of the families whom we have known for years. My mother fell in love with the house and their quality of life has shot way up compared to the house they were living in before. My parents also rented out their house as it was not selling and after their mortgage,taxes and renters insurance are paid they have an extra $30 from the rent money.
The house needs updating but all in all this was a very good investment, especially since this was our first time.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment