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2012 Assessments are live!


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#1 sebberry

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Posted 03 January 2012 - 11:17 AM

You can look yours up here if you don't want to wait for the mailman:
http://www.bcassessm...es/default.aspx


More than 144,000 property owners in Greater Victoria will start seeing brown envelopes land on their doorsteps today.

The 2012 assessment notices are in the mail and the forecast is for stability.

“Most homes in Greater Victoria are remaining stable in value compared to last year’s assessment roll,” Reuben Danakody, area assessor, said in a release. “Most home owners in Greater Victoria will see changes in the minus-two pepr cent to plus-five per cent range.”

[...]

Read more: http://www.timescolo...l#ixzz1iQNJjLVu


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#2 Bob Fugger

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Posted 03 January 2012 - 02:43 PM

Am I doing it wrong, or does it no longer (?) show the previous year's assesssment?

#3 Sparky

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Posted 03 January 2012 - 02:58 PM

I think they only provide the current year. You have to dig up last year's assessment out of the shoe box to see how much money you lost on paper last year.

#4 sebberry

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Posted 03 January 2012 - 03:04 PM

My assessment went up 13k, while a suite in the building just sold for ~15k below assessed value :confused:

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#5 spanky123

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Posted 03 January 2012 - 03:37 PM

If I recall, the asessments are based on the value of a property at July 31st of the previous year (ie July 2011 in this case). That may explain the assessment vs current market conditions.

The VREB just reported that the average house price in Victoria declined 9% year over year which is misaligned with the average assessment which is slightly up.

#6 AllseeingEye

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Posted 03 January 2012 - 04:18 PM

I had an independent assessment done recently which was extremely at odds with what BCA says my property is worth so if I were you Seberry I wouldn`t break a sweat trying to make sense of it. According to BCA the huge drop in value on my place (that is good from a tax standpoint, obviously) was due 100% to the corresponding drop in land (vs building) value.

Interesting in that the `land`in question is located in Fairfield, which I would presume would hold its value - overall - in a generally depressed, soft housing market. But who knows? Besides I am off to the Caribbean in 6 weeks so I don't care, lol. Sure is strange though......

#7 jklymak

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Posted 03 January 2012 - 05:54 PM

If I recall, the asessments are based on the value of a property at July 31st of the previous year (ie July 2011 in this case). That may explain the assessment vs current market conditions.

The VREB just reported that the average house price in Victoria declined 9% year over year which is misaligned with the average assessment which is slightly up.


The median over the year dropped 7k to 555k this year. The annual mean dropped $16k to $613k, so a 2.5% drop.

#8 LJ

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Posted 03 January 2012 - 06:34 PM

You can look yours up here if you don't want to wait for the mailman:
http://www.bcassessm...es/default.aspx


Everyone must be looking theirs up tonight, very slow server.
Life's a journey......so roll down the window and enjoy the breeze.

#9 spanky123

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Posted 03 January 2012 - 08:01 PM

The median over the year dropped 7k to 555k this year. The annual mean dropped $16k to $613k, so a 2.5% drop.


That is why I said average and not mean! Don't worry though, the TC will run its regular non-commital report tomorrow followed by an article from Remax or the CMHC on Thursday calling this the bottom of the market and the best time in years to buy!

#10 jklymak

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Posted 03 January 2012 - 10:41 PM

That is why I said average and not mean! Don't worry though, the TC will run its regular non-commital report tomorrow followed by an article from Remax or the CMHC on Thursday calling this the bottom of the market and the best time in years to buy!


I'm not sure what the difference between an average and a mean is, to you. However, my point was that comparing December to December averages is not a very good way to gauge the strength of the market.

#11 Bob Fugger

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Posted 03 January 2012 - 11:03 PM

I'm not sure what the difference between an average and a mean is, to you. However, my point was that comparing December to December averages is not a very good way to gauge the strength of the market.


Mean and average are synonyms (i.e., add up all of the values in a data set and divide by the number of values). Median is the datum that splits the data set in half and mode is the datum that occurs most often.

#12 Bernard

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Posted 04 January 2012 - 09:55 AM

My offer is open to people again this year. I am happy to go over your assessment and help you understand it and let you know if there is a case for an appeal or not.

If you do want to appeal, I can help you with what you need to do to make your case.

My experience comes from sitting on the Property Assessment Review Panel for a number of terms.

You can ask Bob Fugger about what I can do.

#13 Bob Fugger

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Posted 04 January 2012 - 11:58 AM

My offer is open to people again this year. I am happy to go over your assessment and help you understand it and let you know if there is a case for an appeal or not.

If you do want to appeal, I can help you with what you need to do to make your case.

My experience comes from sitting on the Property Assessment Review Panel for a number of terms.

You can ask Bob Fugger about what I can do.


No need to ask, I will volunteer it - five figure tax savings on a mixed use building in Victoria upon which an appeal was previously denied. The man makes magic happen, people! :D

#14 sebberry

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Posted 07 January 2012 - 02:43 PM

Bernard, I have a question for you.. well, more like just want your thoughts on this:

In July, 2011 a suite in my building assessed at $246,900 sold for $290,000.
In August, 2011 another suite in my building assessed at $242,200 sold for $270,000
(Both 1,100 sq-ft)

Last month a suite assessed at $290,000 went for $282,000. (1,450 sq-ft)
A few weeks ago, another one assessed at $242,200 just sold for $224,000, 18k under assessed. Like the first two, the sq-ft is 1,100

Has the market tanked that badly from the summer or are the assessments out of whack? That last one was on the market for about 7 months.

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#15 Bernard

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Posted 09 January 2012 - 10:10 AM

Bernard, I have a question for you.. well, more like just want your thoughts on this:

In July, 2011 a suite in my building assessed at $246,900 sold for $290,000.
In August, 2011 another suite in my building assessed at $242,200 sold for $270,000
(Both 1,100 sq-ft)

Last month a suite assessed at $290,000 went for $282,000. (1,450 sq-ft)
A few weeks ago, another one assessed at $242,200 just sold for $224,000, 18k under assessed. Like the first two, the sq-ft is 1,100

Has the market tanked that badly from the summer or are the assessments out of whack? That last one was on the market for about 7 months.


Are the assessments from 2011? The assessments should be within a 3% of the probable sale value on July 1st 2011.

I do not have enough details to be able to tell you what is going on.

#16 LocalMom

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Posted 09 January 2012 - 05:28 PM

We have been hesitant to get ours reassessed in fear of having it come out worse for us, but our home is assessed at $200 000 MORE than both our immediate neighbours.

The problem is that while our one neighbour's home is listed as being built in 1960 (ours was 2007), it was actually completely reno'd (completely!) in 2006 by the same guy that built our home, they are very similarly finished, the only difference being their lot is slightly smaller by 800sf.

The neighbour on the other side, almost same deal. Listed as being built in 1983 but completely gutted and reno'd in 2007/8.

Worth looking into further or...?

#17 sebberry

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Posted 09 January 2012 - 05:46 PM

Are the assessments from 2011? The assessments should be within a 3% of the probable sale value on July 1st 2011.


I was quoting this year's new assessed values, which are up a little bit from last year.

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#18 Bernard

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Posted 09 January 2012 - 06:08 PM

In my opinion, your building values are lower than they should be based on the sales this summer. There seems to have been a steep decline in your building in a few months, I have no idea what is going on there.

Can you send me the address so I can look at it detail? You can send it PM

#19 LJ

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Posted 09 January 2012 - 06:41 PM

We have been hesitant to get ours reassessed in fear of having it come out worse for us, but our home is assessed at $200 000 MORE than both our immediate neighbours.

The problem is that while our one neighbour's home is listed as being built in 1960 (ours was 2007), it was actually completely reno'd (completely!) in 2006 by the same guy that built our home, they are very similarly finished, the only difference being their lot is slightly smaller by 800sf.

The neighbour on the other side, almost same deal. Listed as being built in 1983 but completely gutted and reno'd in 2007/8.

Worth looking into further or...?


You should be OK, how well do you like your neighbours?

They are the one's whose assessment would probably change.
Life's a journey......so roll down the window and enjoy the breeze.

#20 LocalMom

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Posted 11 January 2012 - 06:59 PM

You should be OK, how well do you like your neighbours?

They are the one's whose assessment would probably change.


Ack, well we don't want that. Fairly good vibes between us all...

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