How do I appeal my property assessment?

  • How do I appeal my property assessment?

How do I appeal my property assessment?

Owners of more than 227,000 properties throughout the Okanagan region can expect to receive their 2018 assessment notices over the next few days.

Tina Ireland, B.C. Assessment's assessor for Greater Victoria, said the residential strata market has been "particularly robust" and assessments in that category have increased between 15 and 35 per cent.

The most valuable assessed strata unit is 2101-83 Saghalie Rd., which was assessed at $8.1 million as of July 1, 2017. Other large increases were seen in Maillardville townhouses (up 22% to $581,000), North Vancouver's Central Lonsdale condos (up 21% to $484,000), Garibaldi estate condos in Squamish (up 20% to $596,000) and Metrotown-area condos in Burnaby (up 20% to $728,000). There have been some suggestions that the property value boom in Metro Vancouver has created a spillover effect into smaller, more affordable communities - and the new figures show there might be some merit to that.

Instead, property taxes are based on the change in assessed values of the homes around it.

It is important to remember that assessment increases do not automatically translate into property tax increases.

Sales of single-family homes, which "pretty well doubled" in the past four or five years are beyond what most people can afford, said Sidhu, which has driven buyers to the condo market.

The assessed value of a single-family residential home in the Kelowna area has increased 17 per cent to an average $725,000.

"Then there's potential to increase property taxes, but if everyone has gone up 20 per cent and your property has gone up 20 per cent, it's more than likely your property taxes won't change", she said.

The assessed value of a typical condo in the City of Langley went up by 36 per cent this year, according to a release from BC Assessment. The resulting assessment reflects the market value as of July 1.

We're seeing the biggest movement in the condo market.

Bobby Ross, a real estate agent with Pemberton Holmes, agrees the assessment notices have little impact on the real estate market.

"If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31, for an independent review by a Property Assessment Review Panel", adds Ireland.

Homeowners whose property values increase by more than the average in their city will see higher than usual tax increases, she added. The Property Assessment Review Panel is independent of BC Assessment.

Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. "That's a uniform valuation date; all assessments are based off of the same conditions that occurred across all property types", says Ireland.

More than 98 per cent of property owners typically accept their property assessment without proceeding to a formal independent review of their assessment, BC Assessment says.