Property owners will receive their 2018 assessment notices this week.
The 2018 Assessment Notice is BC Assessment’s (BCA’s) estimate of a property’s value as of July 1, 2017, and for new construction or substantially renovated homes, the physical condition as of October 31, 2017.
In Metro Vancouver, assessments range from -5% to +15% for detached homes. Residential strata units have increased 5% to 35%, while commercial property have increased from 5% to 50%.
Property owners with a significant increase received a warning assessment in early December 2017.
BCA is a publicly-owned provincial Crown corporation responsible for determining and reporting property value estimates for the 2,290,960 properties in its database, an increase of 1.3% from 2017. BCA has produced the assessment roll since 1974.
BCA’s assessment and a REALTOR’S® assessment. Why the difference?
BCA’s assessment and the market value determined by a Realtor may be different. Why?
Both BCA assessors and Realtors calculate market value by analyzing sales of comparable homes within a local market, and look at factors that affect value such as size of home, view, location such as on a busy or quiet street, number of bedrooms, construction quality, floor level, and garage or parking stalls.
Where every lot and every home on a street are typically the same, both BCA’s value and a Realtor’s value will be similar during stable market conditions.
Differences occur in neighbourhoods where lots have been rezoned or are different shapes and sizes, where architecture and views are unique, and where owners have made changes that BCA hasn’t yet taken into account.
Details include a photo, a property description (land and buildings), the total assessed value, the previous year’s value, the legal description and property ID.
If property details are incorrect, property owners are directed to complete and submit an e-valueBC Data Validation Form.
Property owners can also compare neighbouring properties and sample sold properties to decide whether their property has been correctly assessed.
Deadline to appeal assessment is February 1, 2018
Property owners who disagree with their assessment should do homework by:
- comparing their assessment with neighbouring properties; and
- contacting BCA at 1-866-valueBC (1-866-825-8322) and talking to staff who can make adjustments if there is an obvious error, for example if BCA included a complete renovation, when it there was merely a spruce-up.
Property owners who decide to appeal their property assessment should review information on the Property Assessment Appeal Board website on how to prepare for an appeal and then complete a Notice of Complaint (Appeal) Form. (Step 7)
Each year fewer than 1% of BC property owners appeal their assessments.
Note: you can’t appeal your taxes. You can only appeal your assessment.
For information about BC Assessment and to access e-valueBC visit: www.bcassessment.ca or phone 1-866-valueBC (1-866-825-8322).
Sample Property Value Changes in Metro Vancouver
Richmond saw the greatest increase in the Greater Vancouver assessment region with a 34% increase for a strata condominium. Maple Ridge was close behind with a strata townhouse increasing 33%, followed by Whistler, where a strata townhouse increased 30%.
|Sample Property Value Changes year over year, by neighbourhood|
(Valuation date of July 1, 2016)
(Valuation date of July 1, 2017)
|Burnaby (Metrotown strata high-rise)||$608,000||$728,000||$120,000||+20%|
|Burnaby (Buckingham, detached)||$2,726,000||$2,726,000||$0||0%|
|Coquitlam (Central, detached)||$1,325,000||$1,504,000||$179,000||+13%|
|Maple Ridge West (detached)||$735,000||$817,000||$82,000||+11%|
|Maple Ridge (townhouse)||$272,000||$362,000||$90,000||+33%|
|New Westminster (Sapperton, detached)||$1,132,000||$1,355,000||$223,000||+20%|
|New Westminster (Downtown, strata townhouse)||$587,000||$690,000||$103,000||+17%|
|North Vancouver, District (Lynn Valley, detached)||$1,640,000||$1,730,000||$90,000||+6%|
|Pitt Meadows (detached)||$783,000||$807,000||$24,000||+3%|
|Port Coquitlam (Lincoln Park, detached)||$848,000||$876,300||$28,000||+3%|
|Port Moody (Newport, strata low rise)||$493,000||$552,000||$59,000||+12%|
|Richmond (South, detached)||$1,486,000||$1,506,000||$20,000||+1%|
|Squamish (Downtown, detached)||$636,000||$720,000||$84,000||+13%|
|Vancouver (East side, detached, 33’ lot)||$1,338,900||$1,350,900||$11,100||+1%|
|Vancouver (East side, strata low rise)||$486,000||$557,000||$71,000||+15%|
|Vancouver (West side, detached 33’ lot)||$2,381,400||$2,421,600||$40,200||+2%|
|Vancouver (West side, strata low rise)||$827,000||$906,000||$79,000||+10%|
|West Vancouver (Ambleside, detached)||$3,325,300||$3,547,000||$221,700||+7%|
|Whistler (Village strata townhouse)||$673,000||$877,000||$204,000||+30%|
|Whistler (Blackcomb Benchlands, strata townhouse)||$896,000||$1,114,000||$218,000||+24%|
Source: BC Assessment
Central 1 Credit Union
Real Estate Board of Greater Vancouver