Photo: Hungju Lu/Flickr
Metro Vancouver residents will soon receive their 2017 property assessments in the mail, and according to BC Assessment, most homeowners in the area “can expect a significant increase compared to last year’s assessment.”
The provincial organization says that single-family home valuations in Vancouver, the North Shore, Squamish, Burnaby, the Tri-Cities, Richmond and Surrey will be up 30 to 50 per cent year-over-year, while strata residential valuations will be between 15 and 30 per cent higher.
Similarly, single-family home valuations in Victoria, Saanich, Sidney and Oak Bay will be 10 to 40 per cent higher year-over-year, while strata residential valuations will be up 5 to 15 per cent. Meanwhile, the majority of residential properties in the Fraser Valley will see year-over-year valuation increases in the range of 30 to 50 per cent.
Chart: BC Assessment
Despite those sizeable jumps, BC Assessment has told homeowners in all of those areas that their property taxes won’t necessarily skyrocket this year.
“It is important to understand that large increases in property assessments do not automatically translate into a corresponding increase in property taxes,” explains assessor Jason Grant in an early December press release. “Your taxes are actually affected by your assessment changes compared to the average change in your community.”
BC Assessment also considers factors such as building size, age, quality, condition, view and location when making property valuations. All property assessments are the estimate of a property’s market value as of July 1st, 2016 and physical condition as of October 31st, 2016.
Property assessments are currently available online for homeowners who don’t want to wait to receive theirs in the mail. All told, 2,017,364 BC properties were assessed for 2017, up about 1 per cent from the previous year. Together, they were valued at $1.67 trillion, an increase of 25 per cent from 2016.
The most expensive home in the province is valued at $75.8 million. It’s located in Vancouver’s Kitsilano area and belongs to Lululemon founder Chip Wilson.