2015 Property Assessments

[Regular_John]

Down 12.5k. But I thought last year's was about 20k to high anyways.

[squiggs96]

Originally Posted by OutOfTheCube

Did you build a house on a lot that was empty last year...?

The opposite. There was a house on it last year, but it was torn down a couple months ago. Excavation resumes tomorrow, but right now it's just land. It's also Vancouver land on the west side.

[MoneyGuy]

Originally Posted by afc wimbledon

I'm now officially a millionaire!

Welcome to the club.

[Buzzard]

Originally Posted by MoneyGuy

Welcome to the club.

Seen that comin' a mile away

[BigNumbers]

Originally Posted by MoneyGuy

Welcome to the club.

You have to remove the value of the signed Taylor Hall game-worn boxer shorts from your net worth calculation... So now you're a hundredaire!!

[Ashartus]

Originally Posted by Ducay

This is the revenue neutral number. So at December 31 they say what your tax bill will look like if they dont adjust the tax (mill) rate....which they always do.

So if yours went up by 10% @ Dec 31, and they increase the mill rate by 2%, you'd have an overall increase of ~12% (I think I did that math right-ish)

So to answer your question, no they don't adjust the base rate to compensate, but the base (mill) rate will go up every year anyways.

I don't think that's quite how it works. From my understanding your property tax is based on value of your property divided by total value of all taxed property times total tax collected. If everyone's house goes up by 10% and the tax rate remains the same, your tax payment also remains the same.

The average is a 1% decrease, so if your property value went down by 1% you would expect to pay the same on the revenue neutral option. If it went down more than 1%, you'd expect to pay less.

[Hack&Lube]

Up $20K from purchase price 2 years ago.

[Hanni]

(Mil Rate x Assessed Value) / 1,000 = Property Tax Bill

[The Yen Man]

Bah, up $10K, that sucks. Hope this doesn't translate to higher property taxes.

[HotHotHeat]

Anyone else care to get a brag in?

[Hack&Lube]

Originally Posted by HotHotHeat

Anyone else care to get a brag in?

More like disappointment for those who might have tax increases or continuing paying higher taxes when the assessed value is coming at the beginning of a massive storm-front of devaluations and real-estable bubble bursting during which they won't be able to get anywhere near what their property was assessed for if it tried to sell it.

[Fleury’sOTGoalCelebration]

Down 14,000 from last assessment

[Nufy]

Mine is now worth double what I paid for it....
12 years ago..

[chemgear]

Originally Posted by The Yen Man

Bah, up $10K, that sucks. Hope this doesn't translate to higher property taxes.

It's not going to be lower as a result!

[MrMastodonFarm]

Originally Posted by MoneyGuy

Welcome to the club.

Insufferable.

[corporatejay]

Some of you guys are ridiculous.

[Ducay]

Down ~1.8%. Still nowhere near FMV, but none the less, I won't complain about savings.

[Kavvy]

Originally Posted by Hack&Lube

More like disappointment for those who might have tax increases or continuing paying higher taxes when the assessed value is coming at the beginning of a massive storm-front of devaluations and real-estable bubble bursting during which they won't be able to get anywhere near what their property was assessed for if it tried to sell it.

yes that sucks, but it still seems fair. You're paying tax on an asset you had value for all through 2015.

If the city charged tax in June 2015, this argument wouldn't apply, but you would loose your money and any associated capital gains that much earlier.

[afc wimbledon]

Originally Posted by HotHotHeat

Anyone else care to get a brag in?

I didn't do #### to earn it and I fully expect to lose 40% of it at some point in the next few years so I ain't bragging.

I am seriously thinking about retiring to Halfax though, my kids out there at school, I could bank 900,000 buy a nice little bit of waterfront half an hour out of town and have a pretty sweet life exploring the east coast, weekends in New York or Montreal.

Never considered it before but it's bloody tempting now, well except the Halifax bit.

[Ducay]

Originally Posted by Hack&Lube

More like disappointment for those who might have tax increases or continuing paying higher taxes when the assessed value is coming at the beginning of a massive storm-front of devaluations and real-estable bubble bursting during which they won't be able to get anywhere near what their property was assessed for if it tried to sell it.

Originally Posted by Kavvy

yes that sucks, but it still seems fair. You're paying tax on an asset you had value for all through 2015.

If the city charged tax in June 2015, this argument wouldn't apply, but you would loose your money and any associated capital gains that much earlier.

I've got little to no idea what is going on in these posts, but the city's operating & capital budgets still have to get paid whether the housing market crashes 50%, 5%, or goes up 10%. Any major correction would take everyone down across the board, so everyone winds up paying the exact same amount whether your house is worth 500 or $200k.

The rich would get a break since lux properties would be the first & hardest hit and thus make up less of the overall $ value of property.