Vancouver property values remain stable for 2014: BC Assessment

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Property values real estate / Shutterstock

As 2014 marks BC Assessment’s 40th anniversary, owners of more than 319,000 properties in the Vancouver Sea to Sky region can expect to receive their 2014 assessment notices in the next few days.

The Vancouver Sea to Sky regional office produces assessments for the City of Vancouver, the communities of the North Shore, Sunshine Coast, Bowen Island and the Sea to Sky corridor.

“For the second time in as many years, most homes in Vancouver Sea to Sky region are remaining stable in value compared to last year’s assessment roll,” said Dharmesh Sisodraker, Deputy Assessor. “Most home owners in the Vancouver Sea to Sky region will see modest changes in the -5% to + 5% range.”

Overall, Vancouver Sea to Sky region’s Assessment Roll increased from $367.8 billion last year to $374.1 billion this year. A total of almost $4.7 billion of this growth includes subdivisions, rezoning and new construction.

The chart below shows a comparison of the 2013 and 2014 total assessed values in a sample of Vancouver Sea to Sky jurisdictions, as well as the total value of subdivisions, rezoning and new construction (Non-Market Change) in each community.

BC Assessment 2014
Screen Shot 2014-01-03 at 9.31.12 AM
Screen Shot 2014-01-03 at 9.31.29 AM

The examples that follow demonstrate local market trends for residential properties by a geographic area; trends are affected by many variables. These are actual individual assessment examples and are not an average.

BC Assessment 2014
BC Assessment 2014

“Property owners who feel that their property assessment does not reflect market value as of July 1, 2013 or see incorrect information on their notice should contact BC Assessment as indicated on their notice as soon as possible in January,” said Dharmesh Sisodraker.

“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31, for an independent review by a Property Assessment Review Panel,” added Sisodraker.

The Property Assessment Review Panels, independent of BC Assessment, ard appointed annually by the Ministry of Community, Sport and Cultural Development, and meet between February 1 and March 15 to hear formal complaints.

The Vancouver Sea to Sky assessment office is located at Suite 200 – 2925 Virtual Way in Vancouver. During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online by clicking “CONNECT” at www.bcassessment.ca.

Visit www.bcassessment.ca for more information about the 2014 Assessment Roll including lists of 2014’s top 100 most valuable residential properties across the province.

Fast Facts on B.C. Property Assessments and 2014 Assessment Roll

  • Total number of properties on the 2014 roll is 1,954,445, an approximate 1% increase from 2013.
  • Total value of real estate on the 2014 roll is $1,141,848,449,910, a 1.35% increase from 2013.
  • Total amount of ‘non-market change’, including new construction and development: approximately $17.54 billion, an increase of 5.38% from the 2013 roll of $16.64 billion.
  • In B.C., approx. 87.7% of all properties are classified with some residential (Class 1) component. This equates to over $864 billion of the value on the total provincial roll.
  • Over 98% of property owners accept their property assessment without proceeding to a formal, independent review of their assessment.
  • Assessments are the estimate of a property’s market value as of July 1, 2013 and physical condition as of October 31, 2013. This common valuation date ensures there is an equitable property assessment base for property taxation.
  • Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property’s market value, BC Assessment’s professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
  • Real estate sales determine a property’s value which is reported annually by BC Assessment. Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.
  • BC Assessment’s assessment roll provides the foundation for local and provincial taxing authorities to raise more than $6.2 billion in property taxes each year. This revenue funds the many community services provided by local governments around the province, including the public school system.

Source: BC Assessment | Image: Nata-Lia / Shutterstock

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