BC Assessment has published its 2017 property value data online, and homeowners across Greater Vancouver have found their residences are being assessed at rates that are considerably higher than they were a year ago.
The values reflect market value as of July 1, 2016. The total value of all property in Greater Vancouver has been assessed at $825.2 billion; this is a 29.7% increase from $636.2 billion in 2016. Just under $11 billion of this increase relates to new construction, subdivision and rezoning.
How much a property’s assessment has increased depends on the home type and its location.
“The majority of residential homeowners within the region can expect a significant increase compared with last year’s assessment,” said Jason Grant, an assessor with BC Assessment. “Increases of 30-50% will be typical for single-family homes in Vancouver, North and West Vancouver, Burnaby, Tri-Cities, New Westminster and Squamish.
“Typical strata residential increases throughout these areas will be in the 15-30% range.”
One of the biggest increases was seen in Burnaby’s Buckingham area, where the average single-family home value jumped 46% to more than $2.7 million. Single-family homes in North Vancouver’s Lynn Valley (up 46% to more than $1.6 million) and in Ambleside in West Vancouver (up 42% to more than $3.9 million) saw some of the region’s biggest increases.
On the other side of the coin, the smallest increases were found in apartments and townhomes. For example, strata high rises in the Metrotown area of Burnaby saw increases of 19%, with the average value reaching $608,000.
Commercial and industrial properties also increased, with average values up 15-40% in the year.
“Commercial properties being purchased for eventual redevelopment will often exceed these ranges,” Grant said.
Assessments are in the mail. Property taxes payable for 2017 will be based on these assessed values at a tax rate to be set in spring by each municipality. Homeowners are encouraged to contact BC Assessment as soon as possible if they have concerns about the assessed values of their properties. To appeal, they must submit a Notice of Complaint by January 31.
Homeowners can find more information about the assessments at BCAssessment.ca.
Information obtained from www.biv.com