Greater Vancouver home assessments up 1-30% in 2018: BC Assessment

Greater Vancouver home assessments up 1-30% in 2018: BC Assessment

Individual property assessments have been mailed out, and homeowners can expect to receive them within the month.

"The single family home market is very stable, while the residential strata market is quite robust this year".

2018 is the second year in a row that values have spiked.

In Delta, strata townhouses have seen a 12 per cent increase, going from $882,000 to $986,000, and strata condos have seen a 19 per cent increase, going from $364,000 to $432,000.

Tim Down, President of PacWest Commercial Real Estate Advisors, specializes in annual property assessment and tax appeal consulting throughout B.C. He notes "If an assessment is incorrect, the owner will be paying more property tax now and into the future, so they need to ensure that they have been assessed fairly and consistently.

The Central Okanagan led the way in property value increases.

"There has been a little bit less demand [for single-family homes]".

According to BC Assessment, the average price of a single family home in Kamloops is $441,000, a nine per cent increase from $405,000 past year. Condominiums generally increased between five per cent and 35 per cent.

West side single-family homes saw a much smaller 2% increase, to just over $2.4 million, and east side detached homes increased 1% to $1.35 million.

"We reflect market conditions as of July 1, 2017, and there appears to be less demand for the single-family".

This is because Section 19 (8) of the Assessment Act allows residential land to be assessed at less than market value where the owneroccupied the property as their principal residence continuously for 10 years effective October 31 of the year preceding the tax year, and provided the property has redevelopment potential for a more valuable use than its current use.

Homeowners that don't agree with their assessment have the option to appeal their notice.

In the City of Prince George, BC Assessment calculated a 5.42 per cent value increase in residential properties, 2.49 per cent increase in light industrial properties and a 3.59 per cent increase in business and other properties between the 2017 and 2018 assessments.

"If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31, for an independent review by a property assessment review panel".

The review panels are independent of BC Assessment and are appointed annually by the provincial government. The physical condition is based on how the property was on October 31, 2017.

Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property.

Classification will continue to be an issue for property taxpayers, with the BC Assessment Authority taking aggressive valuation and taxation policy positions in the application of higher tax classifications for mixed-use developments and agricultural lands.



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