Tax For BC Property Likely To Increase

British Columbia markets home prices have the likelihood to cooling at any time. However, the increase of property taxes will cause some homeowners to be very uneasy and at some point in time distraughted. Homeowners will receive the information through mail from the BC Assessments in the upcoming year, as they expect that a 5% increment will be updated on their taxes. This was relayed by Jason Grant, who happens to be an assessor.

Jason told a news reporting firm that the places that are likely to go through gradients of a range of 30 to 50% 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 have been witnessing a massive decline in prices.

At the moment, those having homes in the Central Okanagan market have been given clues on the likelihood of increase of price as they predict. BC Assessments pointed out that both commercial and residential assets will face increases.

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

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

J C Loum