house w/d in unit license info: Sotheby's International Realty Canada attached garage
QR Code Link to This Post
Can be purchased individually or with adjacent 2-acre lot complete with second warrantied home currently under construction.
Sited on 10 acres, this newly completed, exceptionally private, warrantied home is backed by forest and Prospect Lake Park. Excellent pasture land is tenanted by a local farmer encouraging enjoyment of a large parcel of land without the associated upkeep.
Farm status not only brings this property below the luxury tax bracket; it exempts it from most of BC’s new property transfer taxes (PTT).
Portions of the property have been dedicated to remain in a natural forested state and have been so noted on the property title. Under BC assessment laws, the value of these lands is exempted from PTT and those areas also qualify for ongoing reductions to residential property taxes.
Enjoy all the benefits and quiet of country living with someone else doing the farming while saving tens of thousands in government and property taxes. Farm status also allows for construction of additional buildings; versatility of this nature is rare.
Sited on the eastern half of the plot, the custom-built rancher boasts premium fit and finish inside and out including engineered radiant heated flooring, quartz counters, KitchenAid and Bluestar appliances, reclaimed wood hanging barn doors, inset lighting, as well as large windows and sliding doors.
The stair-less entry is punctuated by white tile framing its oversized door, with three bedrooms (two with walkout patios and ensuite bathrooms), media room, and office branch from the central great room. This open-concept space boasts vaulted ceilings, a magnificent crystal chandelier, walk-in pantry, as well as a reclaimed wood feature wall with wet bar, wine fridge and racks. Windows and glass doors on the westerly side open onto a large concrete patio with unobstructed views of the pasture framed by forest.
Above the finished triple garage, a one-bedroom, one-bathroom suite is afforded its own balcony and entry. Additional storage is available through the attached garage.
Less than three kilometres from Prospect Lake Golf Course, the property is hidden from the road, and offers a short commute to Victoria, BC Ferries at Schwartz Bay, or Victoria International Airport in Sidney.
• Farm land is exempt from the Property Transfer Tax (PTT) calculation meaning if the land is assessed at $2 million and the purchase price is $4 million PTT is only paid on $2 million.
• Future assessment means the land is assessed at a nominal amount. As such taxes will only be paid on the assessed value of the house. As a result, the house drops below the level of all new luxury and school taxes imposed by the NDP Government.
• Higher transfer taxes are applied over $3 million. This house has the same tax status as houses below $2 million.
• The tenant farmer who cuts the hay needs only attend the property approximately 5 hours once per year. Hay is cut and removed the same day.
1. Portions of the property have been dedicated to remain in a natural forested state and have been so noted on the property title. Under BC assessment laws, the value of these lands is exempted from PTT and those areas also qualify for ongoing reductions to residential property taxes.
(3) A taxable transaction is exempt from the payment of tax under section 2 to the extent provided in subsection (4) if, at the time of registration of the taxable transaction, a conservation covenant is registered against the title to the land to which the taxable transaction relates.
(4) A taxable transaction to which subsection (3) applies is exempt to the extent of the fair market value, determined in the prescribed manner, of the interest being transferred that is subject to the conservation covenant.
2. The property currently qualifies as a farm for BC Assessment and PTT purposes. Property transfer taxes are to be paid only on approximately one acre of land, the remaining 9 acres are exempt from PTT taxation.
Property classified as farm land by BC Assessment that includes a residential improvement, such as a building used as a farmer’s home. You pay the additional tax on the value of the residential improvement plus 0.5 hectares of land.
An estimate of the initial tax savings on purchase is approximately $70,000 and permanent ongoing property tax relief resulting from farm status is approximately $8,000 annually.
*Verify all above claims with your Realtor or legal counsel
do NOT contact me with unsolicited services or offers