Property assessment values are predicted to increase hugely for single-family home owners around Greater Vancouver in 2017, potentially affecting property tax rates.
In a preview of 2017 property assessments, BC Assessment reports that the rise reflects the area’s real estate market as of its uniform valuation date of July 1.
Property assessments for single-family home owners in Vancouver, North Shore, Squamish, Burnaby, Tri-Cities, Richmond and Surrey are expected to rise by between 30% and 50%.
Across Greater Vancouver, typical strata property assessments will be between the 15% to 30%, and commercial and industrial properties increases will be between 10% and 30%.
The property assessments are estimates of the market value of properties in BC, based on sales in the local area, and the property’s size, age, quality, condition, view and location.
While many will be expecting to pay more taxes due to rise in property assessments, that may not come to pass, said BC Assessment‘s Jason Grant in a release.
“It is important to understand that large increases in property assessments do not automatically translate into a corresponding increase in property taxes,” said Grant.
“Your taxes are actually affected by your assessment changes compared to the average change in your community.”
All property owners will get property assessment notices in early January, 2017; if your property assessment value is rising significantly, you may get a letter in December.