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Commercial property values to increase up to 50 per cent: BC Assessment

Commercial property values to increase up to 50 per cent: BC Assessment

It's that time of year when the annual property assessment notice envelope appears in the mail¬box or by e-mail, displaying 2018 property assessment values and classification.

In Richmond, single-family homes saw no change, but townhouses were up 15 per cent and condos up 35. The total value of all Greater Vancouver properties is up 9.9% year-over-year, with a total assessed value of $907.1 billion, compared with $825.2 billion last year.

Vancouver, Squamish, Burnaby, Tri-Cities, Richmond, Surrey and the North Shore were among the areas with the highest increases previous year, and the province sent out notices ahead of time so owners wouldn't be caught off-guard.

You can appeal your property assessment if you believe information on your assessment notice is incorrect or if you believe the actual market value listed is incorrect.

"The strata market is the stronger market", said Paul Borgo, deputy assessor for BC Assessment.

The priciest single-family home in the Thompson Okanagan region is located at 4358 Hobson Rd.in Kelowna with an assessed value of more than $10 million.

"It could be an affordability thing, as that product is generally more affordable than a single-family home, or it could be a desire for some people to live in a strata".

Other than a brief dip at the end of 2014, the value of single-family homes in Prince George has been increasing steadily since the beginning of 2014, according to data released by BC Assessment.

A moderate increase for Sun Peaks, up six per cent to $831,000 compared to $785,000 in 2017.

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The Okanagan's total assessment value increased from $98 billion in July of 2016 to $119 billion in July of 2017.

Realtor Aaron Jasper said the increases show demand for condos and townhouses clearly outstripping demand for detached properties, a market where many are already priced out.

The press release estimates commercial real estate values in urban areas of Greater Vancouver have rose anywhere between 5 and 50 per cent, while rural areas saw a more modest change of -5 per cent to 20 per cent.

Local residents can expect their assessment notices within the coming week.

This year, changes in assessment values for Delta's different communities vary, but remain in the single digits.

Property owners should note that just because their assessed property value went up, it doesn't mean they'll face a big property tax increase this summer.

"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. This common valuation date ensures there is an equitable property assessment base for property taxation.

To qualify for this tax relief, the owner should submit a completed application form to BC Assessment each year by November 30 to receive the benefit in the following assessment/taxation year.


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