2020 Property Tax Assessment

[troutman]

Check out these assessments:

Properties in this Sechelt, B.C. neighbourhood were once worth over $1M. They now cost $2
https://globalnews.ca/news/6359984/s...y-assessments/

[The Yen Man]

I don't really understand the outrage in that story. Isn't the assessment being that low a good thing in terms of paying no property taxes? It's like the province is giving those people a break until it can be determined what the next steps are. Assessment value doe not equal property value.

[troutman]

Originally Posted by The Yen Man

I don't really understand the outrage in that story. Isn't the assessment being that low a good thing in terms of paying no property taxes? It's like the province is giving those people a break until it can be determined what the next steps are. Assessment value doe not equal property value.

I think the people are concerned that the government knows something about the future of these properties that has not been made public?

[OMG!WTF!]

And that the 27 acres still owned by the developer is worth its full value. I really hope the home owners win a huge lawsuit against the municipality and the developer.

[FlameOn]

Originally Posted by GordonBlue

looked at the value map for my home.
it shows my house valued at $25,000 more than the others on my block, including my neighbour who has a bigger house and larger lot.
nothing about mine is grander than the others, and no renovations of note.

going to complain for sure.

Originally Posted by MrCallahan

Similar thing for me. While my assessment dropped 6-7% compared to last year, when I'm looking at the neighbours assessed values, they are showing up $20k less. And they same size lot, but newer renovations, full garage (where I have none). Have never tried to appeal an assessment before, I might have to give it a shot this time around.

One thing to consider before filing an actual complaint is to double check the city has the right values for your property details. My builder had given the wrong info to the city. If you log on to the website you can see the sq ft the city thinks you have.

I noticed last year the city thought I had almost 200 more sq ft more livable space than I actually did. I got them the right information mid/late year and it's reflected on this years assessment. Had to upload a floor plan and some other documents to them after a call to the assessment business unit.

[Dentoman]

Down 3%. Assessment of whole street was very strange. Consistently in the top third of houses in assessed value on the street on previous assessments. Now I'm in the bottom third. No sales on the street in the last year. I'll take it, but I'm sure a few of my neighbours will appeal.

[Weitz]

Down 3.5%. I'll take it!

[topfiverecords]

Oh, the annual debate over the irrelevant number.

[Slava]

Originally Posted by topfiverecords

Oh, the annual debate over the irrelevant number.

Is it really irrelevant though? The values for my street are all over the map. I really have no idea how the city comes to these values, but its a shambles. Honestly, for a city that complains about money and the budgetary fix it finds itself in, it seems like a good start would be to nail down these figures.

I'm going to say my house is average in my community, and certainly not the most expensive. There is a place a few doors down, which is arguably the same in terms of value and its assessment is 35% less than mine. My neighbour on one side is about 10% more than me and on the other is about 23% less. It's completely irrational.

And as far as the relevancy goes, when you're off by double digit percentages it's entirely relevant. I had my home value "increase" (according to the assessment last year, which I felt was wrong as well) and my tax increase was not double, but close enough. Obviously for me that's frustrating. But again, for a city that has no money for things you would think that they would address these issues and make sure they're collecting the right amounts.

[PsYcNeT]

I wonder how much of the "renovation" portion of assessment has to with permitting or not.

When I have reno'd my house over the last 5 years (about 70% completely overhauled by this point), I have applied for about 4 different electrical permits and the subsequent inspections. My home value is about 35k higher than the lot beside mine, which has also done some renos (though less), but their home is about 20% larger, as is their (corner) lot.

[The Yen Man]

Originally Posted by topfiverecords

Oh, the annual debate over the irrelevant number.

How is it irrelevant when it's used to determine property taxes? Yes, I know how mill rates work, but it's still to your advantage to have that assessment number as low as possible compared to everyone else's.

[Bill Bumface]

Originally Posted by PsYcNeT

I wonder how much of the "renovation" portion of assessment has to with permitting or not.

When I have reno'd my house over the last 5 years (about 70% completely overhauled by this point), I have applied for about 4 different electrical permits and the subsequent inspections. My home value is about 35k higher than the lot beside mine, which has also done some renos (though less), but their home is about 20% larger, as is their (corner) lot.

I mentioned this one of the previous years, but when I bought my house, the taxes were quite low, then jumped up like crazy the next year. I phoned in, and they said they noticed a bunch of renovations in the MLS listing that they were not previously aware of, so the assessment went up.

I did a fairly extensive renovation with permits, and the value went up as a result.

TL;DR: I think your suspicion regarding your house vs. your neighbour is correct.

[Regular_John]

Originally Posted by The Yen Man

I don't really understand the outrage in that story. Isn't the assessment being that low a good thing in terms of paying no property taxes? It's like the province is giving those people a break until it can be determined what the next steps are. Assessment value doe not equal property value.

Yeah I was kinda confused by that as well, the comments about getting "$100-$150 for a garden shed" seem really off the mark. But as Troutman said it's likely anxiety about the future of their homes... but yeah for now I'd be taking the tax break.

[FlameOn]

Originally Posted by Slava

I'm going to say my house is average in my community, and certainly not the most expensive. There is a place a few doors down, which is arguably the same in terms of value and its assessment is 35% less than mine. My neighbour on one side is about 10% more than me and on the other is about 23% less. It's completely irrational.

Check your numbers in the property details are correct, and that is each house owners responsibility. I'm 30K less than my neighbour and we are two sides of a duplex with the exact same floor plan, everything, except for color. I filed a correction on my property details last year, she did not.

It really depends on what the city thinks your property is worth and they don't really go exhaustively into getting things correct, if your builder or the previous owner somehow made a mistake or the renos were done and incorrect details filed with the city, you could be probably paying more than you should be.

[troutman]

Originally Posted by The Yen Man

it's still to your advantage to have that assessment number as low as possible compared to everyone else's.

Is it to your advantage when you go to sell your house?

[Oling_Roachinen]

Originally Posted by troutman

Is it to your advantage when you go to sell your house?

I believe so. High appraised value, low assessed value, that's a perfect combination.

Some potential buyers may want to know if there's any underlining reason why the assessment is low, but lower taxes relative to the actual 'worth' of the house is a bonus. And the blackbox formula to come up with the assessed value, which uses bulk appraisal and values while usually never setting foot in the house, it really shouldn't matter.

As long as the assessed value isn't lower because the property is missing permits, let's say for a garage for example, then I'd still favour a lower assessment.

[OMG!WTF!]

Originally Posted by troutman

Is it to your advantage when you go to sell your house?

I think it depends on the market. When the market was going crazy no one cared about assessed values because the market was moving so fast. They were irrelavent. Now though people feel like the market is dropping so the assessed value is more pertinent in people's minds. If yours is low it's more likely to bring down your net sale.

[Fighting Banana Slug]

I have a rental in a reasonably desirable area (Marda Loop) and have had many unsolicited offers to buy the house, using the assessed value. I have always balked at that, as I don't think it actually reflects market value (and I am not really interested in selling), but for sure it is one data point that buyers might use.

[Weitz]

Originally Posted by Fighting Banana Slug

I have a rental in a reasonably desirable area (Marda Loop) and have had many unsolicited offers to buy the house, using the assessed value. I have always balked at that, as I don't think it actually reflects market value (and I am not really interested in selling), but for sure it is one data point that buyers might use.

Probably people hoping you are a sucker that would jump at a below-market offer.

[Fighting Banana Slug]

Originally Posted by Weitz

Probably people hoping you are a sucker that would jump at a below-market offer.

I think so. If and when I am ready to sell, I'll have an actual market assessment done and likely hire a realtor (maybe one of CP's own!).

The idea that the assessed value is the market value is insane, when it is explicit that no one actually enters the house to assess, and that the date is at least 6-12 months out of date.