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Photo: The Canadian Press
Lynne Kent says owning a home in Vancouver that's valued at $4 million isn't the blessing it may appear to be.
She and her husband are among a small group of homeowners in British Columbia facing a tax bump on homes assessed at over $3 million who say they simply can't afford it.
The school tax increase introduced in the B.C. budget would be set next year at 0.2 per cent on the portion of property valued above $3 million. It would increase to 0.4 per cent on the portion above $4 million.
For the Kents, that would mean an extra $2,000 annually.
Kent and her husband bought their three-bedroom bungalow in Kitsilano in the early 1970s for about $40,000 and live on Canada Pension Plan and Old-Age Security payments, plus some savings.
