Property assessments were delivered to mailboxes last week, so by now you should have received yours. It seems that across the board, values have gone up. This is expected, as the last 12 months have been very active. Though the market slowed in the Fall, we didn’t see big drops in value, nor would this effect your assessment. It’s important to understand that valuations provided by BC Assessment are from last summer’s market.
This notice is BCA’s estimate of your property’s value as of July 1, 2016, and for new construction or substantially renovated homes, the physical condition as of October 31, 2016. The assessment is calculated by professional appraisers, through analysis of sales in the local area, as well as the property’s size, age, quality, condition, view and location.
Did you know you can appeal your assessment?
If you are in disagreement with your assessment, contact BCA at 1-866-valueBC (1-866-825-8322) to discuss your concerns. If there is an obvious error, for example if BCA included a complete renovation, when it was a kitchen update, you should voice your opinion (that happened to us once!).
The deadline to appeal assessment is January 31, 2017.
If you would like further information or assistance in your appeal, we would be happy to help, or if you would like an accurate opinion about market value in your neighbourhood we can provide you with a detailed evaluation of your property. The BC Assessment website is an excellent resource: www.bcassessment.ca, and the e-valuebc website is very informative to compare properties in your area, or look up just about any property in BC: http://evaluebc.bcassessment.ca/
A look at the numbers.
|Sample Changes Year over Year|
|Community||2016 Assessment||2017 Assessment||% Change|
|Ambleside- Single Family||$2,772,000||$3,938,000||+42%|
|Boulevard- Single Family||$1,137,700||$1,591,100||+40%|
|Lynn Valley- Single Family||$1,126,700||$1,640,000||+46%|
|Lower Lonsdale- Townhouse||$729,000||$914,000||+25%|
|Central Lonsdale- High Rise||$333,000||$400,000||+20%|
|Westside- Single Family 33’ lot||$1,940,800||$2,740,400;||+41%|
|Westside- Single Family 50’ lot||$947,300||$1,338,900||+41%|
How does that affect my taxes?
There is no equal correlation between your property assessment and property taxes. Therefore, if your property value went up 25% that doesn’t mean your property tax will increase by that much. “If your property value went up 25 or 30 per cent, don’t panic. It doesn’t mean your property tax will increase by that much. Really, it matters how much you appreciated relative to other people in your municipality.” Property taxes are calculated by applying municipal and school mil rates against the portioned assessment of your property. Each year, council approves the amount of revenue required to operate the municipality. From this amount they subtract the known revenues, such as grants, licences, permits etc. The remainder represents the amount of money to be raised by property taxes. The amount to be raised is divided by the total value of all the property in the municipality and multiplied by 1,000 to decide the tax rate also known as the mil rate.