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/

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

What are the comps selling for?

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

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.

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

Beleive ours went up about 34%

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

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.

DT?

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

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

My assessment went up 38%.

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

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.

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...

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.

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

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

Wrong thread.

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.

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

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

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 :).

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.

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