[Acura604]

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]

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]

What are the comps selling for?

[Acura604]

Currently there are no homes for sale around my area. last one sold for around 988000 about 3 months ago. damn

[Razor Ramon HG]

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]

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

Beleive ours went up about 34%

[k3mps]

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_Magazine/Summer_Input_2016_for_Web.pdf

Read P.29

[tiger_handheld]

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]

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-development/residential.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?


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]

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]

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]

My assessment went up 38%.

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

[tonyzoomzoom]

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]

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

[Lomac]

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]

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]

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

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

[Manic!]

Wrong thread.

[underscore]

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]

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]

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]

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]

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]

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

[punkwax]

48% here SwiftRage

[OriginalJC]

43% increase for me in Langley :-|

[Gerbs]

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 :).

On the back of the sheet it said assessment value * tax rate = taxes payable. It also mentioned how to dispute the value too lower your taxes.

[donk.]

Reading all these posts, and all i can think is

i cant even get my foot in the door for a 400k shitter townhouse in tri-cities

:okay:

[westopher]

Everyone who's values went up....
How are you finding is the best way to bring it up in front of people so they know how rich and intelligent of a real estate investor you are?

Its pretty much all I ever hear at any coffee shop is some clown yelling how much his condo went up in value and how "rich" he is now.

[Mikoyan]

Everyone who's values went up....
How are you finding is the best way to bring it up in front of people so they know how rich and intelligent of a real estate investor you are?

Its pretty much all I ever hear at any coffee shop is some clown yelling how much his condo went up in value and how "rich" he is now.

Through this forum.

Seriously though, I bought a house to live in and raise my kids, not just for a year to avoid the capital gains tax and move on to the next investment house.

[MG1]

Everyone who's values went up....
How are you finding is the best way to bring it up in front of people so they know how rich and intelligent of a real estate investor you are?

Its pretty much all I ever hear at any coffee shop is some clown yelling how much his condo went up in value and how "rich" he is now.

Well, all my friends have bigger and better houses, so I can't even begin to.............:okay:

[Traum]

Still waiting for that 50% housing market crash here to get myself into a house. :badpokerface:

[Acura604]

from THEPROVINCE.COM


1 – Your assessment is essentially an appraisal of your property’s value, considering both changes in land value, including things such as rezoning nearby, and improvements to the building, set by the B.C. Assessment Authority as of July 1 every year.

“Whatever (market) changes happened after July 1, 2016, will be factored into 2018 assessments,” Grant said.


2 – Municipalities use assessments to adjust property-tax rates to account for changes in assessed values for various property classes. The concern for homeowners is whether their assessment rose by more than the average for their property class. If so, Grant said, they will see a tax increase larger than a municipality’s general increase. Homeowners whose assessments rose by less than the average will get a tax break.

3 – The provincial government uses property assessments to establish eligibility for the B.C. Homeowners Grant (the $570 per household grant offered to help defray property taxes on homes that are their principal residence). The threshold value for 2016 was set at $1.2 million, above which the grant is reduced $5 per $1,000 value. However, Finance Minister Mike de Jong said Tuesday that the province is reviewing the threshold considering soaring assessments.

4 – Homeowners with questions about their assessments can go online at B.C. Assessment’s e-valueBC site to check how their assessment compares with their neighbours and comparable property sales that would have been used in setting the value. If that doesn’t answer questions, they’re welcome to call B.C. Assessment, said Brian Smith, deputy assessor for the Fraser Valley. It gives assessors a chance to figure out if there are any discrepancies.

“We always encourage people to call us first,” Smith said. “Sometimes it’s something we’re able to easily resolve, or with a potential better understanding of where their assessment does come from, people are more content with having seen that type of increase.”

5 – Homeowners have the right to formally appeal their assessments if they still disagree with the result, said Grant. “Failing an understanding at that level, (homeowners) can certainly file an independent complaint,” he said. Those are heard by three-member independent, property assessment review panels in each community. The deadline to appeal is Jan. 31. Typically, one to two per cent of homeowners appeal assessments, Grant said.