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-   -   Property Assessment Notice- +36% increase (https://www.revscene.net/forums/711373-property-assessment-notice-36%25-increase.html)

Acura604 01-03-2017 06:09 PM

Property Assessment Notice- +36% increase
 
This is nuts. ... who else got an insane increase in value in just 1 year?

For me - last year was around 668000, the notice today says 909000. Due to recent sales activity in my area.


http://www.news1130.com/2017/01/03/metro-vancouver-home-assessments-values-released/

flagella 01-03-2017 06:13 PM

Similar increase for most people. Get ready to be assraped by property taxes. BC economy is increasingly more dependent on real estate activities :lol.

fliptuner 01-03-2017 06:20 PM

What are the comps selling for?

Acura604 01-03-2017 06:21 PM

Property Assessment Notice- +36% increase
 
Currently there are no homes for sale around my area. last one sold for around 988000 about 3 months ago. damn

Razor Ramon HG 01-03-2017 06:55 PM

Our house jumped from 1.3 to 1.9 million.

Don't even know how since I'd never pay that much for my house :lol

Parents were complaining about the ridiculous amount of property tax they'd have to pay this year.

Hondaracer 01-03-2017 07:19 PM

As discussed in the real estate thread, increase in value doesn't necassarily mean higher taxes.

Beleive ours went up about 34%

k3mps 01-03-2017 07:35 PM

Yes, common myth that property tax increases the same proportionately as property value increases, or at least assessed values.

http://www.reibc.org/_Library/Input_...16_for_Web.pdf

Read P.29

tiger_handheld 01-03-2017 07:36 PM

Quote:

Originally Posted by Hondaracer (Post 8813956)
As discussed in the real estate thread, increase in value doesn't necassarily mean higher taxes.

Beleive ours went up about 34%

interesting - do you have the page number on where it starts? or paste link?


I always thought assessment value is the baseline for tax calc. Would love to read why this is not the case.



on topic: my condo went up 80k :noyoudidnt:

supafamous 01-03-2017 08:07 PM

Quote:

Originally Posted by tiger_handheld (Post 8813967)
interesting - do you have the page number on where it starts? or paste link?

I always thought assessment value is the baseline for tax calc. Would love to read why this is not the case.

on topic: my condo went up 80k :noyoudidnt:

Page 29: Property Tax 101.

You can also see the rates for the City of Vancouver (http://vancouver.ca/home-property-de...sidential.aspx) - you'll note that the rates have gone DOWN each year b/c of increasing property values. That doesn't mean your total doesn't go up but it's not the property assessment that's causing it to go up.

$_$ 01-03-2017 08:13 PM

DT?


Quote:

Originally Posted by tiger_handheld (Post 8813967)
interesting - do you have the page number on where it starts? or paste link?


I always thought assessment value is the baseline for tax calc. Would love to read why this is not the case.



on topic: my condo went up 80k :noyoudidnt:


supafamous 01-03-2017 08:13 PM

Mine went from 1.056 to 1.34M (duplex). Parents went from 1.275 to 1.665M (SFH). We're both in East Van.

320icar 01-03-2017 08:22 PM

Mothers apartment went up 30k, brothers townhouse went up 180k, aunts home went up 400k, friends home in Coquitlam went up 230k...


... And I'm just sitting here renting a basement suite

Tapioca 01-03-2017 08:27 PM

My assessment went up 38%.

Comps sold for 5% higher over the assessment at the peak of the market last summer.

tonyzoomzoom 01-03-2017 08:33 PM

It's not the absolute amount of assessment increase that you should be worried about. What drives up your property tax is (1) the increase in spending by your municipal government and (2) the relative increase of your assessment increase to other properties.

(1) is typically the biggest culprit, thanks to the lack of accountability / review / scrutiny.

Coren 01-03-2017 08:48 PM

Losing the home owner grant because the value being over $1.2 million is worse

Lomac 01-03-2017 08:54 PM

Quote:

Originally Posted by Coren (Post 8813983)
Losing the home owner grant because the value being over $1.2 million is worse

The grant is still available if its over 1.2 million. The true cut off is $1.314 (or 1.354 in Northern/Rural areas). You simply get less money.

Also, $570 isn't much to get upset about to be perfectly honest...

fliptuner 01-03-2017 09:04 PM

Just checked a couple of places that recently sold in my area. On one, the new, assessed value is $835K, even though it sold 10 days ago for $710K.

Mikoyan 01-03-2017 09:21 PM

Remember, the assessment is based on July of last year.

Mine (SFH) increased 323k. $1.277m to $1.650m

Manic! 01-03-2017 09:40 PM

Wrong thread.

underscore 01-03-2017 10:16 PM

Mine went up quite a bit, but not nearly as much as some of you guys. Looking at the numbers for some of my neighbours properties is insane though, the sale amounts too. One place was assessed for $450k last year, is now $518k, but sold in August for $850k. Which was more than it was listed for. That's just insanity.

Adorkami 01-03-2017 10:36 PM

Quote:

Originally Posted by Lomac (Post 8813985)
The grant is still available if its over 1.2 million. The true cut off is $1.314 (or 1.354 in Northern/Rural areas). You simply get less money.

Also, $570 isn't much to get upset about to be perfectly honest...

Went from 1,020,000 to 1,381,000. I'd rather keep my 570.

heisenberg 01-03-2017 11:27 PM

i heard the houses between naniamo and the drive on broadway are estimated about at 3m a pop because of rezoning, so potential 5 story condos popping up soon

Pagani 01-04-2017 02:17 AM

If it's not to collect more taxes on property what is the purpose of the BC Assessment? I guess the government is just being kind giving people free assessments :).

flagella 01-04-2017 05:04 AM

No one's claiming the property tax will increase proportionately to the house's assesemt value. That'd be absurd and results in a huge incentive to skew assessed value. The city's budget will continue to increase going forward and TransLink will find ways to charge more property taxes.

EvoFire 01-04-2017 08:39 AM

I'm feeling shafted, mine only went up by 5%


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