Homeowners in British Columbia will shortly be receiving their latest property value assessments with sharp rises for many. The assessments are based on property values on July 1, 2016 but in the past 6 months many homes, especially in Vancouver, have lost value following recent policy changes.
"The majority of residential home owners within the [Greater Vancouver] region can expect a significant increase compared to last year's assessment," says Assessor Jason Grant. "Increases of 30-50 per cent will be typical for single-family homes in Vancouver, North and West Vancouver, Burnaby, Tri-Cities, New Westminster and Squamish. Typical strata residential increases thoughout these areas will be in the 15 to 30 per cent range."
There is a similar increase expected for homes in the Fraser Valley region while Vancouver Island will see hikes of between 5 and 25 per cent, although for Greater Victoria 40 per cent is possible for some.
"It is important to understand that large increases in property assessments do not automatically translate into a corresponding increase in property taxes," said regional assessor Tina Ireland. "It all depends how your actual property assessment changes compared to the average change in your community. 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 31st, for an independent review by a Property Assessment Review Panel."
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