In a short time to come, those homeowners in British Columbia will be having their property value assessments with a sharp incline for many delivered to them. The assessments will be done based on the value of the property as at the 1st of July, 2016, however, in the past six months, most homes have been devalued due to the recent changes in policy and regulation, most especially in Vancouver.
Jason Grant, an assessor said; “The majority of residential homeowners within the [Greater Vancouver] region can expect a significant increase compared to last year’s assessment. Increases of 30-50 per cent will be typical for single-family homes in Vancouver, North and West Vancouver, Burnaby, Tri-Cities, New Westminster and Squamish. Typical strata residential increases throughout these areas will be in the 15 to 30 per cent range.”
In the Fraser Valley region, there is an identical increase anticipated for homes in that area, with Vancouver Island seeing increase between 5 and 25 per cent. However, in Greater Victoria, some might likely see 40 per cent.
The regional assessor, Tina Ireland said; “It is important to understand that large increases in property assessments do not automatically translate into a corresponding increase in property taxes. It all depends how your actual property assessment changes compared to the average change in your community. If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel.”