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

Act Now to Correct Property Assessment Errors

Commercial properties may bear the brunt of increased assessments this year

Vancouver Island homeowners have received their property assessment for 2018 and they're up - way up.

The highest assessed property for Vancouver Island and the Gulf Islands is an acreage on James Island valued at $5.4-million.

Commercial units in urban areas are up between zero to 20 per cent and in rural areas numbers range from a decrease of five per cent to an increase of 25 per cent.

How will your property assessment affect your property taxes? So, when we look at July 1, 2017, our assessments reflect what's happened in the marketplace at that time.

Annually, BC Assessment grades the value of homes by analyzing a number of factors including current sale prices in the neighbourhood, property size, age, quality, condition, view and location.

Sales of single-family homes, which "pretty well doubled" in the past four or five years are beyond what most people can afford, said Sidhu, which has driven buyers to the condo market.

The assessed value of many residential homes in parts of the Parksville Qualicum Beach region has jumped more than 20 per cent in the a year ago, according to BC Assessment. This is compared to a 48 per cent change previous year.

The sharp spike was especially felt in the West Shore communities of Langford and Metchosin, where property values soared by 21 and 25 per cent, respectively, since last year's assessments.

"This year has been one of the first years that I've seen where the strata market has increased by a greater percentage than the single-family market", said Smith, who has worked at BC Assessment for 10 years. By the third quarter of 2017, average house prices were 9.6 per cent above the July 1, 2016 average.

The press release estimates commercial real estate values in urban areas of Greater Vancouver have rose anywhere between 5 and 50 per cent, while rural areas saw a more modest change of -5 per cent to 20 per cent.

"Prior to this, the market had been stable with slight fluctuations up and down since 2008", said Wall.

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

"If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may still submit a notice of complaint (appeal) by January 31, for an independent review by a property assessment review panel". The Property Assessment Review Panel is independent of BC Assessment.

This year, changes in assessment values for Delta's different communities vary, but remain in the single digits.

Politicians, including Henry Braun, expressed frustration with the disparity in assessments, noting the city was collecting just two per cent more tax revenue from residential properties.

BC Assessment Authority continues their trend to aggressively pursue assessment valuation policies and property tax classification initiatives through legal challenges that will have long lasting impacts on all non-residential taxpayers.

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