2017 Property Assessment Shock - Page 2
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Thread: 2017 Property Assessment Shock

  1. #11
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    Quote Originally Posted by Beaver101 View Post
    I say baloney to JAG's post ... any increase in assessment will mean an increase in taxes unless the mill rate goes down and what are the mill rate going down for the services provided by the municipality, unions et al?
    Believe it or not, our mill rate has gone down a few times in the past when there have been big increases in assessed values. And our new mayor will be very unpopular if she and her council don't drop them this year considering the huge increases - historically the largest increases ever.


  2. #12
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    Quote Originally Posted by OhGreatGuru View Post
    Appeals of what "market value" is are rarely successful. But if you can find an error in your property description that can be successful. When Ontario's MPAC went on-line you could look up the technical description of your property that they used to make their assessment. I found they measured the area of my basement as if it extended under my grade-level garage - something rarely done in residential construction in most of the country. They had no problem re-assessing for a technical error like this - but the process took some months.
    I reviewed the details pretty thoroughly, and I can't find any errors in the property description, unfortunately.

  3. #13
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    Quote Originally Posted by Beaver101 View Post
    ... I think you should get your entire neighbourhood to appeal, at least the land portion.
    If one of my neighbours launches an appeal, I will certainly join it, but I simply don't have the stamina to start the process myself.

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  5. #14
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    Quote Originally Posted by Beaver101 View Post
    I say baloney to JAG's post ... any increase in assessment will mean an increase in taxes unless the mill rate goes down and what are the mill rate going down for the services provided by the municipality, unions et al?
    You should understand how the tax system works. If all assest values increase by 10%, your portion of the tax burden will not increase based on the assessed values. If the mill rate increases, your tax bill will go up accordingly.

    Of course, if your portion increases more than other, as in Karen's case, then you will most likely pay more, but it doesn't mean you'll necessarily pay significantly more. Her place increased nearly 20% more than average, but her taxes probably won't increase anywhere near 20%. Considering the average house price in Vancouver, she probably barely moved up the scale.

    It's the same in my case where I usually get my assessments lowered, having bought below market value. Though I usually get the appraised value decreased by more than 30%, but my tax savings is usually not that much. Of course, it's better than nothing and can add up over the years.
    I'm not JustAGuy (without spaces), or Donald, or <insert name here>.

  6. #15
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    Quote Originally Posted by Just a Guy View Post
    You should understand how the tax system works. If all assest values increase by 10%, your portion of the tax burden will not increase based on the assessed values. If the mill rate increases, your tax bill will go up accordingly.

    Of course, if your portion increases more than other, as in Karen's case, then you will most likely pay more, but it doesn't mean you'll necessarily pay significantly more. Her place increased nearly 20% more than average, but her taxes probably won't increase anywhere near 20%. Considering the average house price in Vancouver, she probably barely moved up the scale.

    It's the same in my case where I usually get my assessments lowered, having bought below market value. Though I usually get the appraised value decreased by more than 30%, but my tax savings is usually not that much. Of course, it's better than nothing and can add up over the years.
    ... so based on your understanding of how the property "tax system" works, it sounds as Karen hasn't been paying her fair share of taxes, correct? If not, then Karen will get a double whammy when that mill rate also goes up.

    As for your case where you got your assessments lowered as having bought below "market value" via re-appraisals, you would be considered an exception to the norm, perpetually holding despite the housing bubble we're having.
    Everyone should be respected as an individual, but no one idolized.-A. Einstein

  7. #16
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    I agree, it looks like Karen is facing an increase in her tax bill, but it may not be a huge increase.

    There are certain cases where it makes sense to buy real estate, even in this market. I suppose I could flip my properties for a "quick buck", but that's not the type on investor I am. I've found I'm not very successful when I try to do something against my nature. I prefer to buy and hold, it fits my personality. At the prices I pay, I'm building in the bubble correction in my offers. Doesn't work very often.

    I didn't win my appeals because of a re-appraisal, I got it because I bought the property at a certain price. It's hard for the city to argue that the market value of a property is more than what I paid for it on the open market. I'm lucky in that I find a few properties which are below market, there aren't many, even if you look across Canada. I have won appeals in other years as well, but that's usually after a correction. In those cases I have my realtor pull up a list of comparable properties which sold for less than my assessment. Since I do a lot of work with my realtors, they do these kind of things for me.
    I'm not JustAGuy (without spaces), or Donald, or <insert name here>.

  8. #17
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    I am going to be in trouble as well this year karen as my house assessment went from 1 million last year to 1.5 million this year and I will lose the grant. It is correct for my neighbourhood sales but I am a little ticked off at the city of Richmond. I complained in the news paper that while I have endured all the construction and traffic problem of numerous condo's being built I won't see any relief in taxes with all the new tax payers coming in.

  9. #18
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    I hope it won't affect the amount you have to pay in taxes too much, new dog. I'll cross my fingers for you that Christy Clark does decide to raise the upper limit for eligibility for the home owners grant.

    In B.C. seniors have the option of deferring the payment of property taxes until we die or sell the house, but I will never do that because of my aversion to being in debt. I couldn't sleep at night if my property taxes were accumulating over the next few years.

    As I recall, our property tax bills don't come out until May or June, but I will post what the effect of this huge assessment increase does to my tax bill for 2017.

  10. #19
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    I feel your frustration, mine went from $643,000 to $965,000 (North Delta).

    I successfully appealed my value a couple of years ago, but it was based on interior finishing. I had demo'd the basement and BC Assessment was showing 5 bed/4 bath, when it was currently 4bed/3 bath. Was only able to get them down ~$20K. As I'm doing the work permitted, BC Assessment assured me they'd update the value when the permit closes...

    I spoke with the person at BC Assessments regarding the pricing and what I could appeal, as my property is valued significantly higher than my neighbors (over 100K). My house had sold 3 times over the last 10 years, so they had records of selling prices, as well as pictures of interior upgrades. They took no account to the fact it was valued over comparable properties in the neighborhood, and would only comment that they other houses were likely undervalued but they would catch up with them when they sold....they just didn't have the manpower to proactively keep up with individual homes.

    I'll be interested as well to see what this does to my actual property tax bill. I always say, I don't have a problem with paying taxes, it's just that I don't trust the people I give my money to to spend it properly!

  11. #20
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    I hear some "experts" calling for a 50-80% correction in Vancouver prices next year...

    If your complaining today, imagine if this prediction comes true and the mill rate goes up...

    "My assessed values dropped and my taxes went up!!!"

    I'm not JustAGuy (without spaces), or Donald, or <insert name here>.

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