Sunday, 21 January, 2018

Commercial property values to increase up to 50 per cent: BC Assessment

Property values increased by an average of 18.29 per cent in Abbotsford from Property values increased by an average of 18.29 per cent in Abbotsford from
Laurie Berry | 12 January, 2018, 21:07

Kamloops homeowners can expect to receive their 2018 property assessments in the mail this week. The total value of all Greater Vancouver properties is up 9.9% year-over-year, with a total assessed value of $907.1 billion, compared with $825.2 billion last year. "That's pretty constant throughout the Greater Vancouver area, into the Fraser Valley, and across over into the Island", says Tina Ireland with BC Assessment. "But definitely the demand is there and that's reflected in the sale prices and ultimately to the assessments". So, when we look at July 1, 2017, our assessments reflect what's happened in the marketplace at that time.

BC Assessment's website (www.bcassessment.ca) includes more details about 2018 assessements, property information and trends such as lists of 2018's top-value residential properties across the province.

"It could be an affordability thing, as that product is generally more affordable than a single-family home, or it could be a desire for some people to live in a strata".

Within the Thompson region, the District of Lillooet had the biggest increase in values of single family residential properties, up 20 per cent compared to 2017 numbers, when the average assessed value was $177,000.

In the City of Vancouver, the biggest increase was a 15% jump in the average assessed value of high-rise condos on the east side of the city, from $486,000 a year ago to $557,000.

"It can end up being very time-consuming and a costly experience if you don't do your homework in advance", said Sullivan, adding that he doesn't see many people win cases.

A 1908 heritage house in the Grand Boulevard area went up two per cent in the past year, for instance, to about $1.6 million.

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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.

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

Most strata units have lower values than detached homes and the larger percentage changes, therefore, don't translate into the kind of massive dollar-value increases seen in recent years, according to BC Assessment deputy assessor Brian Smith.

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

Overall, the Okanagan's total assessments increased from $98 billion in 2017 to $119 billion this year, according to B.C. Assessment.

"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 physical condition is based on how the property was on October 31, 2017.

But aside from the fact that Chip Wilson's house continues to be astronomically valuable, here are a few other key facts to take away from this year's release of property data.

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