Oh great, property assessments are gonna way up in the Lower Mainland.
Warning of sharply higher Metro Vancouver home assessments - NEWS 1130
VANCOUVER (NEWS 1130) – How much your home was worth on July 1st of 2016 will have a big impact on how much it cost you in 2017. There is a warning that your home assessment could be sharply higher when it comes out next month.
The BC Assessment Authority says 2017 property assessment values will reflect the market on July 1st, before sales and prices fell due to factors including the provincial government’s 15 per cent tax on foreign home buyers across the region.
The agency says a jump of 30 to 50 per cent will be typical for single-family homes in Vancouver, North Vancouver, Squamish, Burnaby, the Tri-Cities, Richmond and Surrey. While typical strata residential increases will be in the 15 to 30 per cent range. They’ll be based on the July 1st valuation.
The agency says commercial and industrial properties throughout the Greater Vancouver area will also see a big increase in the 10 to 30 per cent range, with properties being bought for eventual redevelopment often exceeding these ranges.
“It is important to understand that large increases in property assessments do not automatically translate into a corresponding increase in property taxes,” explains Assessor Jason Grant. “Your taxes are actually affected by your assessment changes compared to the average change in your community.”
July 1st of each year marks the date BC Assessment estimates the market value of homes and other properties as appraisers analyze current sales in the local area, as well as the size, age, quality, condition, view and location of the land.
Owners will get their annual property assessment notices in early January. This month, BC Assessment is sending people a courtesy notification to warn them if their assessment is going to be higher than expected.