Property Assessments Are Out: Check Yours Here

[IronNoggin]

BC Assessment - Independent, uniform and efficient property assessment

BC Assessment provides current actual value assessments for tax purposes on all properties in British Columbia and provides expertise in real estate data, mass appraisal systems and management.

www.bcassessment.ca

Since we bought our place in Port Alberni five years ago, the assessed value has increased by just over $ 100 K.

Reflection of increasing housing prices all over this area.

Cheers,
Nog

 

[ryanb]

The assessed value of our house we sold in 2020 went up by 140,000. The lot we are building our new house on went up by 80,000. Thats in 1 year...

 

[Aquaholic]

BC Assessment - Independent, uniform and efficient property assessment

BC Assessment provides current actual value assessments for tax purposes on all properties in British Columbia and provides expertise in real estate data, mass appraisal systems and management.

www.bcassessment.ca

Since we bought our place in Port Alberni five years ago, the assessed value has increased by just over $ 100 K.

Reflection of increasing housing prices all over this area.

Cheers,
Nog

It is a reflection of prices going up, but not a reflection of market value in almost all cases.

 

[Rain City]

It is a reflection of prices going up, but not a reflection of market value in almost all cases.

They've done a better job of keeping up lately I've found. Maybe 10% off this year.

 

[Aquaholic]

They've done a better job of keeping up lately I've found. Maybe 10% off this year.

That really depends where though, what part of the province. Also, if you did a 200K renovation that did not require any permits, that is not reflected in your assessed value and is where the tax assessed vs market usually has the biggest gaps.

 

[IronNoggin]

It is a reflection of prices going up, but not a reflection of market value in almost all cases.

It is going to make a rather large difference when the Tax Man comes calling the debts in for all the Covid expenditures.
Mark my words on that.

We're appealing.

Nog

 

[Aquaholic]

Yah mine went up over 200k in a year. They're out to lunch. This for an all original 70 year old house that's sinking into a registered peat bog. No Grant for me, asshats. View attachment 60163

How big is your lot? Fraser area?

 

[Rain City]

How big is your lot? Fraser area?

42x122 Trout Lake

 

[Aquaholic]

42x122 Trout Lake

You are aware the duplex builders would love to get their hands on that. The wider frontage allows a side by side duplex vs a front to back that you see on the 33" lots. I am looking for a few builders right now.

 

[Rain City]

You are aware the duplex builders would love to get their hands on that. The wider frontage allows a side by side duplex vs a front to back that you see on the 33" lots. I am looking for a few builders right now.

Not this one. Nice new laneway finished right before they announced the new zoning. If you're not looking for cheap I'd be happy to help

 

[Aquaholic]

Not this one. Nice new laneway finished right before they announced the new zoning. If you're not looking for cheap I'd be happy to help

I will pm you later.

 

[ziggy]

It is going to make a rather large difference when the Tax Man comes calling the debts in for all the Covid expenditures.
Mark my words on that.

We're appealing.

Nog

Shouldn’t really matter unless yours goes up more than other similar property. Usually if values go up Mill Rate goes down. Unless you’ve done a bunch of work to increase your value, you should be OK.

 

[cracked_ribs]

Man, even in Ladysmith the assessment went up forty grand.

If only I could apply to the assessor to stick with the previous figure, and take the difference in cash.

 

[Aquaholic]

Shouldn’t really matter unless yours goes up more than other similar property. Usually if values go up Mill Rate goes down. Unless you’ve done a bunch of work to increase your value, you should be OK.

I had clients challenge their assessments even thought they were nearly identical to a neighbors, reasons such as a bus stop being put up in front or beside their house will affect the value and chance of a sale. A few years ago in Vancouver when offshore Buyers were using assessed value as a bargaining ploy, some homeowners were challenging their assessed amount for a higher assessed value, not lower.

 

[Captain PartyMarty]

I love Farm Status all of our Neighbors have a property value of 2.5M mine is 285K........ little bit of farming saves me like 6500 bucks a year in taxes

 

[ziggy]

I had clients challenge their assessments even thought they were nearly identical to a neighbors, reasons such as a bus stop being put up in front or beside their house will affect the value and chance of a sale. A few years ago in Vancouver when offshore Buyers were using assessed value as a bargaining ploy, some homeowners were challenging their assessed amount for a higher assessed value, not lower.

Increasing your assessment based on potentially finding someone who will pay assessed value makes sense, only if you’re selling and are sure the buyer will use that benchmark. If however you are keeping your place and your assessment goes up higher than the average place in your area, you can be sure your tax will also increase relative to your neighbour,something your municipal government would certainly love.
My point being that just because your house price rises, your taxes don’t necessarily. Once assessment are out the municipalities set the mill rate based on their predicted operating expenses. Generally the mill rate is set in order to give them a certain % increase based on average home price ( assuming taxes go up lol). So while Assessment is part of the equation, until you know the mill rate you won’t know if your taxes are going up or down. Conceivably you place could increase a 100k, but if all the neighbours went up 200K your tax could go down.

 

[Aquaholic]

Increasing your assessment based on potentially finding someone who will pay assessed value makes sense, only if you’re selling and are sure the buyer will use that benchmark. If however you are keeping your place and your assessment goes up higher than the average place in your area, you can be sure your tax will also increase relative to your neighbour,something your municipal government would certainly love.
My point being that just because your house price rises, your taxes don’t necessarily. Once assessment are out the municipalities set the mill rate based on their predicted operating expenses. Generally the mill rate is set in order to give them a certain % increase based on average home price ( assuming taxes go up lol). So while Assessment is part of the equation, until you know the mill rate you won’t know if your taxes are going up or down. Conceivably you place could increase a 100k, but if all the neighbours went up 200K your tax could go down.

Yes, the practice of asking for a higher assessed value was specifically for selling it to a Buyer that uses the assessed value as market value.

 

[Rain City]

Man, even in Ladysmith the assessment went up forty grand.

If only I could apply to the assessor to stick with the previous figure, and take the difference in cash.

That's what people who don't own homes believe home ownership really is. So far from the truth.

 

[Breakin"even]

My assessment went down 6,000 in Nanaimo?

 

[IronNoggin]

Shouldn’t really matter unless yours goes up more than other similar property. Usually if values go up Mill Rate goes down. Unless you’ve done a bunch of work to increase your value, you should be OK.

You did note Port Alberni eh?
Mill rate go down??
Now that is one hell of a laughing point here!

Cheers,
Nog