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2017 Property Assessment Increase


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#1 Sparky

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Posted 14 December 2016 - 06:31 PM

The postman delivered property assessment increase letters today.

 

BC Assessment's new assessed value on two properties have increased 42% and 46% over 2016.

 

Hang on to your hat folks, the price of rice is going to skyrocket here on the lower Island.



#2 VicHockeyFan

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Posted 14 December 2016 - 06:45 PM

The postman delivered property assessment increase letters today.

 

BC Assessment's new assessed value on two properties have increased 42% and 46% over 2016.

 

Hang on to your hat folks, the price of rice is going to skyrocket here on the lower Island.

 

Well, except the property tax bill does not change if other properties experiences a similar increase.


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#3 Sparky

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Posted 14 December 2016 - 07:22 PM

^ Yes, I undestand completely, but do you think all the properties in Saanich have increased in value by 40 % plus in one year?

#4 VicHockeyFan

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Posted 14 December 2016 - 07:30 PM

^ Yes, I undestand completely, but do you think all the properties in Saanich have increased in value by 40 % plus in one year?

 

Yes, that's what BC Assessment warned.

 

http://www.timescolo...arned-1.4011333

 

While increases of 10 to 40 per cent will be typical for single-family homes in Victoria, Saanich, Sidney and Oak Bay, the typical strata residential increase will be in the range of five to 25 per cent.

 


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#5 LeoVictoria

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Posted 14 December 2016 - 07:51 PM

The average won't be 40%, probably closer to 25.  Those people with 40% jumps will find their tax burden increasing.   Personally I'm not going to bother paying taxes this year.


Edited by LeoVictoria, 14 December 2016 - 07:52 PM.


#6 VicHockeyFan

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Posted 14 December 2016 - 07:58 PM

The average won't be 40%, probably closer to 25.  Those people with 40% jumps will find their tax burden increasing.   Personally I'm not going to bother paying taxes this year.

 

So if your tax bill goes up 15%, what does that mean?  It's still not massive.  Love it or hate it, this is the way we choose to pay property tax.   Hard to blame BCA for just calling it like it is.

 

If Sparky is sitting on two properties valued in 2015 at just $750,000 each, and the real increase in value averages 44% (one at 42% and one at 46%), then his wealth just went up about $660,000.

 

If Sparky does not feel his personal wealth has increased by $660,000 in just this past year alone, there certainly are appeal processes.


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#7 LeoVictoria

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Posted 14 December 2016 - 08:30 PM

So if your tax bill goes up 15%, what does that mean?  It's still not massive.  Love it or hate it, this is the way we choose to pay property tax.   Hard to blame BCA for just calling it like it is.

 

If Sparky is sitting on two properties valued in 2015 at just $750,000 each, and the real increase in value averages 44% (one at 42% and one at 46%), then his wealth just went up about $660,000.

 

If Sparky does not feel his personal wealth has increased by $660,000 in just this past year alone, there certainly are appeal processes.

 

Hey I'm not complaining.   Just not going to not pay them.   https://househuntvic...d-taxification/



#8 VicHockeyFan

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Posted 14 December 2016 - 08:33 PM

Hey I'm not complaining.   Just not going to not pay them.   https://househuntvic...d-taxification/

 

Fair enough.  And yes the shockingly low take-up is because older folks generally avoid debt.


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

#9 Nparker

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Posted 14 December 2016 - 09:04 PM

Fair enough.  And yes the shockingly low take-up is because older folks generally avoid debt.

And I would imagine many value their primary asset, their home, when it is owned outright, far too much to want to have a lien attached to it.



#10 manuel

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Posted 14 December 2016 - 09:05 PM

Mine just went up by 35 percent, or 185k in victoria, to around just below where it would have sold in 2016. Best household financial move would be to sell and arbitrage to a lower priced house up island, perhaps the Kootenay or Sointula.
"I know nothing"

#11 rjag

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Posted 14 December 2016 - 09:11 PM

ours increased 20% which is pretty well expected


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#12 LeoVictoria

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Posted 14 December 2016 - 09:49 PM

And I would imagine many value their primary asset, their home, when it is owned outright, far too much to want to have a lien attached to it.

 

Depends.  A lien is nothing to be concerned about.   Just like any other debt.   Pay it off when you want to sell. 

 

No letter here, I guess we're not amongst the lucky few with outsized increases.  Good.   Unless you plan to sell it is in your best interest to have your assessment as low as possible.


Edited by LeoVictoria, 14 December 2016 - 09:52 PM.


#13 VicHockeyFan

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Posted 14 December 2016 - 09:57 PM

Depends.  A lien is nothing to be concerned about.   Just like any other debt.   Pay it off when you want to sell. 

 

 

 

Ya, but for older folks that have paid off their mortgage, it's seen as a setback.  It might not be rational thought.  But it's the train of thought.


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#14 GabriolaGirl

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Posted 15 December 2016 - 07:57 AM

We have friends who's house taxes are in the $6,500 range (not Victoria, on the mainland) they would qualify to defer, have no kids, but their rationale is that if they need to sell their house to pay for the old folks home, they want as much equity as possible.  So as long as they can afford to pay they will.  I've tried to explain to them about taking those after tax dollars & putting them in an investment but to no avail.  They are 56... not old.



#15 spanky123

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Posted 15 December 2016 - 08:23 AM

My prediction is that there will be a lot more appeals this year! If everyone goes up 40% no big deal. If your goes up 40% and your neighbour only 15% then you will get dinged disproportionatly. Remember this year we will get whacked with an 8%+ increase from the CRD in addition to whatever the munis tack on. Could amount to many extra hundred dollars for folks.


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#16 Sparky

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Posted 15 December 2016 - 08:29 AM

ours increased 20% which is pretty well expected

 

Did you get a warning letter? How would you know that your property value has increased 20% in the eyes of the BC Assessment Authority? You are not supposed to know that until January 3rd.....unless you get the pre heart attack warning letter. Am I mistaken?



#17 rjag

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Posted 15 December 2016 - 09:08 AM

Did you get a warning letter? How would you know that your property value has increased 20% in the eyes of the BC Assessment Authority? You are not supposed to know that until January 3rd.....unless you get the pre heart attack warning letter. Am I mistaken?

 

 

Oh crap, I went to www.evaluebc.bcassessment.ca/ and looked it up again, it was for July 2015...not July 2016!!!

My mistake! so 20% last year, now you've got me nervous!!!! Sorry my mistake.



#18 Sparky

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Posted 15 December 2016 - 09:23 AM

Oh crap, I went to www.evaluebc.bcassessment.ca/ and looked it up again, it was for July 2015...not July 2016!!!

My mistake! so 20% last year, now you've got me nervous!!!! Sorry my mistake.

 

No problem rjag, I was just concerned that there was information floating around out there that I was not aware of.

 

I appeal property assessments OFTEN. 

 

I get reductions in my assessed values OFTEN.

 

This is a fun time of year for me. :)


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#19 LeoVictoria

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Posted 15 December 2016 - 09:55 AM

No problem rjag, I was just concerned that there was information floating around out there that I was not aware of.

 

I appeal property assessments OFTEN. 

 

I get reductions in my assessed values OFTEN.

 

This is a fun time of year for me. :)

 

I looked into an appeal but couldn't find any basis for it.   The info on our house is accurate.   The estimate is also in line with market value.   What are you basing your appeals on?



#20 VicHockeyFan

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Posted 15 December 2016 - 10:00 AM

I looked into an appeal but couldn't find any basis for it.   The info on our house is accurate.   The estimate is also in line with market value.   What are you basing your appeals on?

 

I think a lot depends where you live.  If I'm correct, I think Sparky lives in a more rural area, so it's not like he has similar properties on both sides of his home to directly compare with.


<p><span style="font-size:12px;"><em><span style="color:rgb(40,40,40);font-family:helvetica, arial, sans-serif;">"I don’t need a middle person in my pizza slice transaction" <strong>- zoomer, April 17, 2018</strong></span></em></span>

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