2017 Property Assessment Shock
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Thread: 2017 Property Assessment Shock

  1. #1
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    2017 Property Assessment Shock

    The BC Assessment Authority has just posted this year's property assessments online, and I had quite a shock when I saw mine. The value of my 1795 square foot one level, no basement house in Surrey (a suburb of Vancouver) was assessed at $1,027,000 - up from $688,000 last year. I was expecting a big increase, but not that big! It's in a nice neighbourhood, but certainly not a luxurious one.

    Here are the details and a photo of my house: https://evaluebc.bcassessment.ca/Pro...AwMDA3NVI3Uw==

    Sorry, that first link didn't work. I have corrected it.

    Last edited by Karen; 2017-01-01 at 04:06 PM.

  2. #2
    Senior Member Beaver101's Avatar
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    Holy $$$$h1t of an increase in assessment. It looks like your entire neighbor had the same type of increase with the bulk being on the "land" but I think the guy at your BCAA board is way off his rocker anyways based on a simple visual of neighbouring properties. Some of the properties there have bigger lots but are assessed lower. I can't see anything special about your lot/land (other than a better grass manicure) compared to that of your neighbours with lower "land" assessment.
    Everyone should be respected as an individual, but no one idolized.-A. Einstein

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    I'm thinking of appealing it, Beaver. But appeals are apparently rarely successful, and I'm not well these days, having had a stroke last summer and also diagnosed with heart failure recently, so I'm not sure I want to subject myself to the stress of going through an appeal.

    If I decide to appeal it, I will certainly post the results!

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    Senior Member dubmac's Avatar
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    same everywhere. Now here's the not-so-nice consequence - http://www.vancouversun.com/metro+ho...739/story.html
    Taxes go up. Homeowners grant disappears

  6. #5
    Senior Member Beaver101's Avatar
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    Quote Originally Posted by Karen View Post
    I'm thinking of appealing it, Beaver. But appeals are apparently rarely successful, and I'm not well these days, having had a stroke last summer and also diagnosed with heart failure recently, so I'm not sure I want to subject myself to the stress of going through an appeal.

    If I decide to appeal it, I will certainly post the results!
    ... I think you should get your entire neighbourhood to appeal, at least the land portion.
    Everyone should be respected as an individual, but no one idolized.-A. Einstein

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    Quote Originally Posted by Karen View Post
    I'm thinking of appealing it, Beaver. But appeals are apparently rarely successful, ...
    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.

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    I've successfully appealed my property values. The trick is having good comparables. He most successful years to appeal are the purchase year, as that has an actual sale amount.

    That being said, assessed value is rather meaningless as it doesn't really mean your paying more in taxes. Municipal taxes are proportionally based, so as long as your value is the same as your neighbour's your portion of the tax won't increase. Think of dividing a pie, there is only one pie, if you take 1/8th of the pie, someone takes half, someone a quarter and two others take 1/16, does it matter if you divide the pie up based on numbers if one guy has 8000, one has 4000, one has 2000, and two people have 1000? He division remains the same.

    That's why it's usually not worthwhile to appeal taxes over $10k, it's virtually meaningless in the amount you'll save...in BC, 100k diffference won't save you much on taxes. A 10% reduction on assessed value doesn't equate to a 10% tax savings.
    I'm not JustAGuy (without spaces), or Donald, or <insert name here>.

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    You're certainly right that a large increase in assessment doesn't necessarily mean an increase in taxes, but in my case, I'm quite sure it will. I say that because the municipal government has announced that the average increase in assessments this year is about 30%, and only people whose assessed value more than that will see an increase in their taxes. My increase over last year was 49% so I'm afraid I'm going to be one of the unlucky ones!

    Another point that wouldn't be in my favour is that a house at the end of my block, built just a year later by the same builder using the same plan sold last summer for $1,030,000, so the comparables don't work for me either.

  10. #9
    Senior Member Beaver101's Avatar
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    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?
    Everyone should be respected as an individual, but no one idolized.-A. Einstein

  11. #10
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    Quote Originally Posted by dubmac View Post
    same everywhere. Now here's the not-so-nice consequence - http://www.vancouversun.com/metro+ho...739/story.html
    Taxes go up. Homeowners grant disappears
    I'm okay there, dubmac, at least for this year. The upper limit in order to be eligible for the homeowner's grant is $1.2 million so I'm under that. Premier Clark has said that will consider raising that minimum in view of the huge increases in assessments, but she hasn't done it yet.


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