199 replies to this topic

[Matt R.]

Both my commercial leases remained FLAT yoy.  Nice for my triple net!

[spanky123]

Both my commercial leases remained FLAT yoy.  Nice for my triple net!

 

All that matters is whether you are up or down vs the average. That determines how much your taxes change.

[Matt R.]

Yes indeed so flat while everyone else was up is good news.

[spanky123]

Yes indeed so flat while everyone else was up is good news.

 

Where are you seeing your current assessment? Doesn't look like they are up yet.

[Mike K.]

Both my commercial leases remained FLAT yoy. Nice for my triple net!

Your lease rate is variable, or do you mean your landlord hasn’t adjusted the operational cost portion of your NNN leases for two years?

[Sparky]

We adjust our lease payment on our commercial property in June after the tax notices are sent out. The lessee then pays the same until the following June.

Matt’s leases may run on the calendar year and get adjusted every Jan 1 and any further increase to the triple net would be included in the lease calculation the following January.

[Matt R.]

Where are you seeing your current assessment? Doesn't look like they are up yet.

Last year. We are getting our year end reconciliations done now. I rarely live in the moment these days, always looking back or ahead.

[Matt R.]

Your lease rate is variable, or do you mean your landlord hasn’t adjusted the operational cost portion of your NNN leases for two years?

It’s annual. Their tax bill was lower than anticipated due to flat property assessment.

[Matt R.]

We adjust our lease payment on our commercial property in June after the tax notices are sent out. The lessee then pays the same until the following June.

Matt’s leases may run on the calendar year and get adjusted every Jan 1 and any further increase to the triple net would be included in the lease calculation the following January.

Bingo. We just write a pile of cheques at the start of the year then settle up at the end. These properties are from 1920 and 1940 so it’s pretty predictable what the costs are going to be.

[lanforod]

You still use cheques? How 2000's of you.

[Matt R.]

Lol! Well, it’s not entirely my choice…

[Sparky]

^^ I have been struggling with my bank (Scotia) and our tenant's bank (BoM) and neither of them can seem to figure out how to create an automatic electronic funds transfer on a monthly basis for an amount over $3K.

 

So the closest thing we can do to automate monthly payments is to write a batch of cheques.

 

To make matters worse I used to be able to take in a years supply of cheques to Scotia and they would process each one at the beginning of the month. Now they don't do that so I am stuck with depositing each one with my phone every month.

 

The banks are the ones stuck in the 90's.

[Matt R.]

I think our landlords have some pull at their local banks, as most banks don’t offer that service anymore.

Printing two dozen cheques only takes a few minutes, not something I lose any amount of sleep over.

[Victoria Watcher]

Depositing the cheque by phone doesn’t seem too onerous.

Edited by Victoria Watcher, 06 December 2022 - 01:44 PM.

[Matt R.]

Depends on your rent amount I suppose!

[Nparker]

Depositing the cheque by phone doesn’t seem too onerous.

No so much onerous as technically unnecessary in 2022.

[Victoria Watcher]

Divorcing couple appeals B.C. home assessment, arguing it's both too high and too low

 

https://vancouverisl...o-low-1.6198668

 

 

Owner Veronica Gventsadze appealed the property's $878,000 assessed value for 2022, arguing that it was too high.

 

"The property is jointly owned by the appellant and Peter Scheunert (the 'co-owner'), and the two of them are currently embroiled in divorce and property division proceedings," Thornicroft's decision reads.

 

"The co-owner says that this 'appeal was initiated by the appellant … without my knowledge, as part of a strategy to obtain an "unequal distribution of the assets" in the settlement of our divorce,'" it continues. "The appellant, for her part, says (and I agree) that 'the details of our divorce are not relevant to this appeal.'"

 

Gventsadze and the assessor reached an agreement to reduce the assessment to $850,500, a roughly three-per-cent reduction, according to Thornicroft.

 

Scheunert objected to this, however, arguing that "a substantial increase" in assessed value was justified. He submitted that the value should be raised to $1,171,000 to reflect work that had been done on the home since the then-couple purchased it on May 9, 2020.

Edited by Victoria Watcher, 19 December 2022 - 08:39 AM.

[Ismo07]

Divorcing couple appeals B.C. home assessment, arguing it's both too high and too low

 

https://vancouverisl...o-low-1.6198668

 

 

Owner Veronica Gventsadze appealed the property's $878,000 assessed value for 2022, arguing that it was too high.

 

"The property is jointly owned by the appellant and Peter Scheunert (the 'co-owner'), and the two of them are currently embroiled in divorce and property division proceedings," Thornicroft's decision reads.

 

"The co-owner says that this 'appeal was initiated by the appellant … without my knowledge, as part of a strategy to obtain an "unequal distribution of the assets" in the settlement of our divorce,'" it continues. "The appellant, for her part, says (and I agree) that 'the details of our divorce are not relevant to this appeal.'"

 

Gventsadze and the assessor reached an agreement to reduce the assessment to $850,500, a roughly three-per-cent reduction, according to Thornicroft.

 

Scheunert objected to this, however, arguing that "a substantial increase" in assessed value was justified. He submitted that the value should be raised to $1,171,000 to reflect work that had been done on the home since the then-couple purchased it on May 9, 2020.

 

Get 3 appraisals, take the average.  Who uses BC Assessment for value of a property?

[Barrrister]

No lawyer I know would use BC assessment. Get three professional appraisals.

[Citified.ca]

Breakdown by municipal average: https://victoria.cit...s-theres-catch/

 

Langford, Sidney and Highlands saw the highest uplift, Victoria and Oak Bay the lowest.