B.C. Transit Law Affects Property Values

This is a B.C. news story, published by vancouversun, that relates primarily to Geller news.

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Longtime Metro Vancouver homeowners

vancouversun

•

Live near a transit hub and worried about higher property taxes? Read on

Summary

Nutrition label

77% Informative

B.C. law establishes automatic transit-oriented zones within 800 metres of transit stations.

It increases the development potential of land within them, even if homeowners have no plans to cash in.

The transit law gives homeowners the option to apply to have their properties assessed on actual use, rather than potential use.

For the moment, the development market in areas affected by the law has cooled substantially.

The additional school tax starts to kick in on homes worth more than $3 million .

Geller added that he’s heard the comparison that owning a home in one of these zones is like “essentially winning the lottery” Geller : “If they don’t want to sell and want to stay in their home, then they’re not necessarily want to win that particular lottery.”.

VR Score

Informative language

Neutral language

Article tone

informal

Language

English

Language complexity

Offensive language

not offensive

Hate speech

not hateful