Big assessment increases for condos & townhouses

Big assessment increases for condos & townhouses

In the District of North Vancouver, for instance, assessments for commercial real estate rose an average of more than 30 per cent while the value of light industrial property rose over 50 per cent.

"The single-family homes have been quite active and we're seeing increases up to 25 per cent".

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

According to BC Assessment, within Greater Vancouver new single-family assessments ranged from a five per cent drop to a 15 per cent increase. "But definitely the demand is there and that's reflected in the sale prices and ultimately to the assessments". Property taxes payable for 2018 will be based on these assessed values at rates set this spring by each separate municipality.

All communities in the Okanagan region saw their assessments increase by double-digit percentages with the exceptions of Keremeos (seven per cent) and Spallumcheen (six per cent).

Ireland thinks the high demand for condos is simply due to the fact that they are less expensive than single-family homes.

The assessed value of many residential homes in parts of the Parksville Qualicum Beach region has jumped more than 20 per cent in the previous year, according to BC Assessment. The average home in Central Saanich is now valued at $699,000 compared to $614,000 last year, and the average home in North Saanich is now valued at $876,000 compared to $767,000 last year.

"It's a more typical market than what we've seen in the past couple of years", said Borgo.

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The values posted this week reflect market value as of July 1, 2017.

Down believes the significant property assessment value increases this year will result in even larger inequitable increases for many property taxpayers if not carefully reviewed and challenged.

Fraser Valley commercial property values have an expected increase in value of between 5 to 35 per cent. Thompson Okanagan region values have increased between 0 to 25 per cent, while Kooteney Columbia property values have changed anywhere between -5 and 15 per cent.

Bobby Ross, a real estate agent with Pemberton Holmes, agrees the assessment notices have little impact on the real estate market.

"Property owners can find a lot of information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2017 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January", Ireland said.

The BC Assessment Authority is responsible for the annual valuation of over two million properties in B.C. but has less than 700 employees, so it remains the property owners' responsibility to review and appeal annual property assessment notices.

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

BC Assessments collects, monitors and analyzes property data throughout the year.

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