Tax For BC Property Likely To Increase

British Columbia markets homes prices has high chances of easing, however, the increase of property taxes will cause some homeowners to be in for a sharp hike. Homeowners will be informed via mail by BC Assessments in the upcoming year, as they anticipate that 5 per cent will be updated on their taxes increasing, as related to what Jason Grant, who happens to be an assessor.

Jason told a news reporting firm that the places to go through hikes of a range of 30 and 50 per cent are, Burnaby, Surrey, Vancouver, Squamish, Richmond, the North Shore and the Tri-cities. The ‘uniform valuation date’ of July 1, 2016 is used as a ground for assessments. Ever since, Vancouver and other few markets has experienced decline in prices.

At the meantime, those having homes in the Central Okanagan market has been hinted on the likely increase of price as they predict. BC Assessments pointed out that both commercial and residential assets will face increase.

Tracy Wall, Deputy Assessor said; “The preliminary market analysis for 2017 property assessments indicates significant increases over last year’s assessment values. Increases of 5 to 20 per cent will be typical for single-family homes in Kelowna, West Kelowna, Westbank and Lake Country. Typical strata residential increases will be in the 5 to 30 per cent range.”

Wall made it clear that the assessments of property do not equally mean higher taxes, which is grounded on average being altering without neighbourhood, respectively.