Why do land value assessments for a duplex appear to tax the property twice?
#1
Posted 26 January 2012 - 08:00 PM
I have had two conversations with the City concerning this over the past few years but never really got my head around the tortured logic on offer.
Could some kind soul explain?
#2
Posted 26 January 2012 - 08:59 PM
How do you know that the entire land value is not 600k which is split down the middle - 300k for each duplex?
Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2023 | Fair Realty
www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!
#3
Posted 26 January 2012 - 09:20 PM
#4
Posted 27 January 2012 - 01:41 AM
Yes, it is a strata duplex with an up-down rather than side-to-side arrangement.
#5
Posted 27 January 2012 - 09:06 AM
Keep in mind also that a legal duplex property is more valuable than an adjacent, exactly identical lot zoned as a single family dwelling.
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#6
Posted 27 January 2012 - 09:21 AM
The only other thing to consider is if its 2 lots or the fact that its zoned properly as Duplex then there is a higher value attached due to higher resale....but more info would help, i.e. is it a side street or main road, what is the zoning and the age of the duplex?
#7
Posted 27 January 2012 - 10:22 AM
Your land value might a bit high; however, 400k total sounds reasonable.
I sold a duplex (one side) on Princess Avenue a few months ago for $428,000.
Land Assessment = $304,000
Improvements = $115,000
Total = $419,000
You have the option of appealing your assessment.
Marko Juras, REALTOR® & Associate Broker | Gold MLS® 2011-2023 | Fair Realty
www.MarkoJuras.com Looking at Condo Pre-Sales in Victoria? Save Thousands!
#8
Posted 27 January 2012 - 11:04 AM
The land/building values can get really screwy when you are dealing with strata properties. The way it is worked out for a strata is that the land value is the residual value left over after you deduct the value of the improvements. Since the improvement can not be sold without the land and the land can not be sold with the improvement, both numbers really have no meaning.
With a single family home there is at least some value of the land as a bare lot no matter how bad the building is.
The only number that you need to look at is the total value number and decide if it reflects a reasonable value for the property for July 1st 2011.
#9
Posted 30 January 2012 - 08:56 AM
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
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