Big assessment increases for condos & townhouses

Big assessment increases for condos & townhouses

Andrew Cummings
January 12, 2018

This week, owners of more than 522,000 properties throughout Greater Vancouver can expect to receive their 2018 assessment notices.

In Richmond, single-family homes saw no change, but townhouses were up 15 per cent and condos up 35.

2018 is the second year in a row that values have spiked.

Vancouver, Squamish, Burnaby, Tri-Cities, Richmond, Surrey and the North Shore were among the areas with the highest increases past year, and the province sent out notices ahead of time so owners wouldn't be caught off-guard.

"The assessments always reflect market values".

The property assessments are based on market values of July 1, 2017, and are used to calculate municipal property taxes.

The priciest single-family home in the Thompson Okanagan region is located at 4358 Hobson Kelowna with an assessed value of more than $10 million.

The single most expensive home in the province is on Point Grey Road in Vancouver.

"Then there's potential to increase property taxes, but if everyone has gone up 20 per cent and your property has gone up 20 per cent, it's more than likely your property taxes won't change", she said.

"This year has been one of the first years that I've seen where the strata market has increased by a greater percentage than the single-family market", said Smith, who has worked at BC Assessment for 10 years. "The values are for July 2017, and since then the market has gone upward price wise, while in the last few months it has tended to flatten out".

According to the figures released by BC Assessment, townhouses in Delta are up in the neighbourhood of 12 per cent over a year ago, while many condos have increased in value by close to 20 per cent.

Realtor Aaron Jasper said the increases show demand for condos and townhouses clearly outstripping demand for detached properties, a market where many are already priced out.

In the City of Prince George, BC Assessment calculated a 5.42 per cent value increase in residential properties, 2.49 per cent increase in light industrial properties and a 3.59 per cent increase in business and other properties between the 2017 and 2018 assessments.

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

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

More than 98 per cent of property owners typically accept their property assessment without proceeding to a formal independent review of their assessment, BC Assessment says.

Residents who disagree with their assessment are encouraged to contact BC Assessment and if they remain dissatisfied with the result, they can file an appeal by January 31 for an independent review.

BC Assessment Authority continues their trend to aggressively pursue assessment valuation policies and property tax classification initiatives through legal challenges that will have long lasting impacts on all non-residential taxpayers.

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