2011 Property Assessments are out today

[bc-chris]

Originally Posted by Ashartus

Apparently my house is worth almost $60,000 more than my next-door neighbour, despite us having basically identical houses and my neighbour having a much larger lot. The only difference is my basement is developed and theirs wasn't finished until after the assessment date (and I suspect wasn't done with a permit). I'm not an expert on property evaluation, but I can't see a basement by itself being $60,000.

^^^^ you've never been in my flames room!!!

[burn_this_city]

Originally Posted by bc-chris

^^^^ you've never been in my flames room!!!

No but I remember seeing pics posted on here

I just dont get how my unfinished basement townhome has a higher assesment to my neighbours who have finished basements.

[Ducay]

13% Increase........ not sure what to think, as my TIPP payment went up 35% in July. So confused. Up down, up down, round and round it goes.

Does anyone know how the process actually works in relation to TIPP payments and the monthly amounts? (ie, June 2010 tax bill impacts which months' TIPPs?)

ie For me:

First half 2010: $145/month

Second half 2010: $195/month (35% increase)

First Half 2011: $169/month (13% decrease from second half 2010, 17% increase over first half 2010)

[FlameOn]

Woo 5% increase from last year... How can that be when houses are still struggling to sell lately... Taxes up again =(

[simmer2]

I contested our business property last year and won it...we are in industrial condo bays and the price difference between the bays was ridiculous...upwards of 25% difference depending on the bays.

As long as you have actual facts and a decent case then it's a really smooth process. It's kind of like going to court where you defend your side, the City has a representative and they present their case, then a jury decides. It's pretty excessive for the result but if there is something obvious like a townhouse or neighbour's house that is worth way more/less then it's worth checking out.

They don't accept "market conditions" as a valid argument FYI...there needs to be some proof in the form of sales in the area, etc. They basically want you to have done your homework.

[Jodester]

Asessments are done by sections of a community on a mass appraisal basis. They would do a few comparison approach appraisals within an area of a community basing it on similar size and finishings (estimated). They then calculate how much july over july it went up and presto. You get your percentage increase for the section of your community. If you register that you had built a garage, finished your basement with a building permit, the value would increase by the average the section of your community would value those improvements.
It is not at all feasable for the city to appraise every house thats why they are almost always incorrect. Average average average. If you built a very nicely finished house in a not so great community you may be slightly under valued as the city has no clue how you finished your house.
As far as appealing goes,in my opinion, dont waste your time. I know a homeowner in bel aire who appealed. Brought down the value 200,000 and saved himself after, getting an appraisal completed privately (at a huge discounted rate i may add) and paying the appeal fee, a whopping 15 dollars. That not including the time it took to arrange it and taking a day off work to go down to court for the appeal.

[Ashartus]

Originally Posted by FlameOn

Woo 5% increase from last year... How can that be when houses are still struggling to sell lately... Taxes up again =(

Actually if your increase is only 5%, your taxes would go down based on this year's mill rate (since the average increase is 8%). Once you factor in the ~5% increase in the mill rate I'm guessing you'll probably end up paying about the same as last year.

[Bring_Back_Shantz]

Originally Posted by Ashartus

Actually if your increase is only 5%, your taxes would go down based on this year's mill rate (since the average increase is 8%). Once you factor in the ~5% increase in the mill rate I'm guessing you'll probably end up paying about the same as last year.

Whoa, what are you doing.
This is a thread about taxes, there's no room for rational arguments based on real numbers here. This is a time for outrage based on a profound lack of understanding of how property taxes actually work.
You should be ashamed.

[bc-chris]

Originally Posted by burn_this_city

No but I remember seeing pics posted on here

I just dont get how my unfinished basement townhome has a higher assesment to my neighbours who have finished basements.

i totally get what you're saying. it's the same here in kelowna - a lot of my neighbours have the 'cookie cutter' style houses - where they are all basically the same yet the values are wildly different.

like other posters have already said - you can contest it... worste case is they don't adjust the value and you find out why your place is worth so much more.

[burn_this_city]

I'm pretty lazy though, so likely I'll do nothing about it. Especially after reading about the hassle over saving $15. Besides if I have to reference current sale prices it might work against me and raise my overall assessment.

[corporatejay]

Originally Posted by Ducay

13% Increase........ not sure what to think, as my TIPP payment went up 35% in July. So confused. Up down, up down, round and round it goes.

Does anyone know how the process actually works in relation to TIPP payments and the monthly amounts? (ie, June 2010 tax bill impacts which months' TIPPs?)

ie For me:

First half 2010: $145/month

Second half 2010: $195/month (35% increase)

First Half 2011: $169/month (13% decrease from second half 2010, 17% increase over first half 2010)

I used to work in the City of Edmonton tax department and this works the same way.

Your tax bill runs for the calendar year but your taxes are only due on June 30, 20XX (so you pay some "six months early" and some "six months late")

Since tax bills only come out towards the end of may (and are due at the end of june) the TIPP program can only "estimate" what your tax amounts are going to be (the mill rate comes out after January 1).

Therefore, your 2010 tax bill total was $2040. You only paid $870 of that for the first six months, so you had to make up the difference (1170) in the last six months (1170/6=$195).

The first six months of your 2011 TIPP payments will be based on last year's total bill (2040/12=170).

In june you will get re-assessed. If your taxes go down, your payment will go down to compensate, if it goes up, then it will go up to compensate.

Clear as mud?

[Ducay]

Originally Posted by corporatejay

I used to work in the City of Edmonton tax department and this works the same way.

Your tax bill runs for the calendar year but your taxes are only due on June 30, 20XX (so you pay some "six months early" and some "six months late")

Since tax bills only come out towards the end of may (and are due at the end of june) the TIPP program can only "estimate" what your tax amounts are going to be (the mill rate comes out after January 1).

Therefore, your 2010 tax bill total was $2040. You only paid $870 of that for the first six months, so you had to make up the difference (1170) in the last six months (1170/6=$195).

The first six months of your 2011 TIPP payments will be based on last year's total bill (2040/12=170).

In june you will get re-assessed. If your taxes go down, your payment will go down to compensate, if it goes up, then it will go up to compensate.

Clear as mud?

Thanks, you hit the nail on the head. Just went and re-read my June 2010 tax bill and it actually said on there that it was for Jan-Dec 2010 period


Even though the assessed value for 2011 is still below market, Im still pretty cheesed at the overall 12% increase in my assessment. However, I would be equally cheesed if my assessment didn't go up at all and my house stayed undervalued even more.

[bc-chris]

my wife just brought in the mail

our place went up 4.25%.... which is fairly hi considering they said on the news tonight that the okanagan was pretty much flat-lined for growth... most places only up about 1%


what makes me laugh is that we just renewed our mortgage at a different bank and they had to send out a private assessor to put a value on our house. the province assessed our house $45,000 higher than the private guy sent by the bank... and he saw my games room


as an aside, the private assessor is originally from calgary and absolutely LOVED my games room and when he has time he comes out to watch flames games with our gang!! ha! ha!

[ratech]

Mine went up 105,000. WTF??

[stuck_in_chuk]

Ours assessed at the same as last year. Strange, considering we put in about $150K in renos (and all the work permits associated with that). My wife thinks we should contest it - but we aren't going to be selling any time soon, so why go looking to pay more taxes?

[The Yen Man]

Originally Posted by stuck_in_chuk

Ours assessed at the same as last year. Strange, considering we put in about $150K in renos (and all the work permits associated with that). My wife thinks we should contest it - but we aren't going to be selling any time soon, so why go looking to pay more taxes?

Sorry, I'm new to the whole house owning game as this is the first year I've owned one, but why would your wife want to contest the city's assessment in the first place? Isn't it to your advantage for them to assess it as low as possible? The city assessment shouldn't affect the market rate of your house at all, should it?

[chemgear]

Here is a nice map:

[Bill Bumface]

Originally Posted by stuck_in_chuk

Ours assessed at the same as last year. Strange, considering we put in about $150K in renos (and all the work permits associated with that). My wife thinks we should contest it - but we aren't going to be selling any time soon, so why go looking to pay more taxes?

Your wife may be the first person ever to phone and ask for higher taxes.

If I was buying your place, the low assessment would be a selling feature, as less money in taxes means more money to buy your house.

[amorak]

Mine went up 12%. I'll be paying close to $400 a month, guess I don't care, as its assessed value is more than I paid for it so it makes me feel good.

[mykalberta]

I will wait for mine in the mail, my area went 0 -10% w00t w00t.