Published: Fri, January 12, 2018
Money | By Armando Alvarado

What you need to know about BC's 2017 assessment values

What you need to know about BC's 2017 assessment values

Property owners in the Thompson region can expect to get their property assessment notices in the mail within the next few days and you might find your home has appreciated in value - some significantly.

The first three quarters of 2017 saw 1,026 single-family home sales -up from 942 over the same period in 2016 and 929 in the same period of 2015.

"For example, a commercial property in a downtown location should not be assessed at a higher rate than a similar neighboring property".

Residential assessments in the Okanagan have seen their biggest jump in years and Osoyoos, averaging a 17-per-cent increase, is at the top.

"The assessments always reflect market values". The property values in the assessment are based on an estimate of its market value on July 1, 2017.

But despite property owner concerns, increases in property value don't always mean a sharp increase when the tax bill comes out, Schwagele said.

"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".

Last year, home values rose by an average of 32 per cent, but some single-family houses saw increases of as much as 50 per cent.

"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.

Trump Disbands Voter 'Fraud' Commission
Court of Appeals has blocked the laws from being implemented until the case is litigated. Secretary of State Jon Husted has said voter fraud does exist in OH , but it's rare.

Overall, the Okanagan's total assessments increased from $98 billion in 2017 to $119 billion this year, according to B.C. Assessment.

Rural Chilliwack, Langley City and Abbotsford saw the highest average increases in residential property values with 22 per cent, 20 per cent and 18 per cent, respectively.

"When you look at Richmond, there's been no changes in the single-family assessed values, yet the townhouse market has gone up 15 to 20 per cent, and condos are upwards of 35 per cent", said Tina Ireland, an assessor with B.C. Assessment.

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.

Homeowners that don't agree with their assessment have the option to appeal their notice.

Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property.

"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".

Some B.C. homeowners may be surprised when they open their property assessment this year.

BC Assessment Authority continues their trend to aggressively pursue assessment valuation policies and property tax classification initiatives through legal challenges that will have long lasting impacts on all non-residential taxpayers.

Like this: