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.
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.
Tax Savings & Cost Subsidies
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
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