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2017 Property Assessment Increase


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#21 GabriolaGirl

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Posted 15 December 2016 - 10:46 AM

One of BCA assessors was a customer of mine, we got chatting about how they come up with values.  While some of it is based on sales of similar homes, he told me that sometimes if they feel that a home has been updated or they just feel that the valuation is too low, they will up it.  He said 90% of the time the home owner doesn't bother appealing because they think it is an onerous process.  If they want to come in & see what it's like inside they will up it alot.

 

I've appealed our home numerous times, all it takes is a phone call.  BCA came out one time to take a look inside.



#22 nagel

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Posted 15 December 2016 - 10:51 AM

One of BCA assessors was a customer of mine, we got chatting about how they come up with values.  While some of it is based on sales of similar homes, he told me that sometimes if they feel that a home has been updated or they just feel that the valuation is too low, they will up it.  He said 90% of the time the home owner doesn't bother appealing because they think it is an onerous process.  If they want to come in & see what it's like inside they will up it alot.

 

I've appealed our home numerous times, all it takes is a phone call.  BCA came out one time to take a look inside.

Just keep that mold growing on your interior walls and it's easy to get them to lower the value.  I highly recommend it!



#23 Sparky

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Posted 15 December 2016 - 04:16 PM

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?

 

Excellent question LV. Here we go.

 

The first thing I do is go to the e value page. https://evaluebc.bcassessment.ca/

 

Type in your address. This will take you to your 2016 assessment that was calculated on July 2015. (Note: Do this before January 1st. so you have last year's numbers)

 

Underneath the picture of your house is a link for "Show property details and recent sales history". Click that.

 

Scroll down to the map and above the map on the right there is a "Sample sold properties" link. Click that.

 

This should bring up 9 or 10 properties that BC Assessment considers as comparable properties that have sold during the 2016 year. I then compare the "selling price" with the "assessed value" and arrive at a "per cent increase" for those comparable properties. Use you math skills to find the average percent increase of "selling" over "assessed". That's how much of an increase you should expect your assessment to increase in the upcoming year.

 

In my case the 9 comparable properties averaged out to a 14% increase.

 

Not the 40% increase that they advised us of in the warning letter. Let me know how the math on yours works out.



#24 LeoVictoria

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Posted 15 December 2016 - 04:34 PM

Excellent question LV. Here we go.

 

The first thing I do is go to the e value page. https://evaluebc.bcassessment.ca/

 

Type in your address. This will take you to your 2016 assessment that was calculated on July 2015. (Note: Do this before January 1st. so you have last year's numbers)

 

Underneath the picture of your house is a link for "Show property details and recent sales history". Click that.

 

Scroll down to the map and above the map on the right there is a "Sample sold properties" link. Click that.

 

This should bring up 9 or 10 properties that BC Assessment considers as comparable properties that have sold during the 2016 year. I then compare the "selling price" with the "assessed value" and arrive at a "per cent increase" for those comparable properties. Use you math skills to find the average percent increase of "selling" over "assessed". That's how much of an increase you should expect your assessment to increase in the upcoming year.

 

In my case the 9 comparable properties averaged out to a 14% increase.

 

Not the 40% increase that they advised us of in the warning letter. Let me know how the math on yours works out.

 

Great strategy thank you.  

So here is mine:  

 

pi.png


Edited by LeoVictoria, 15 December 2016 - 04:35 PM.

  • Nparker and Sparky like this

#25 Sparky

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Posted 15 December 2016 - 05:05 PM

You are in a hot area Leo. If the increase in your assessment this year is in the 34% range, I guess that is what you could expect.



#26 LJ

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Posted 15 December 2016 - 07:37 PM

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.

Most financial advisers tell their wealthier clientele to defer the taxes. Most do. 


Life's a journey......so roll down the window and enjoy the breeze.

#27 VicHockeyFan

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Posted 15 December 2016 - 07:40 PM

Most financial advisers tell their wealthier clientele to defer the taxes. Most do. 

 

And most wealthy people are more sophisticated money-wise.  Regular folks aren't, and they like to pay their bills.  It's just the mindset.

 

 

In 2014, more than 36,000 people across British Columbia were on the program. That includes those who need it, and those who don’t.

 

 

http://globalnews.ca...itish-columbia/

 

Pretty small uptake.


<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>

#28 Sparky

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Posted 16 December 2016 - 06:15 AM

LeoVictoria what jumps out at me from your spread sheet is that a home that you used to be able to purchase a short while ago that was under $600K is likely going to sell now for over $700K, and in some cases over $800K (In a very short period of time)

 

I am glad that you are in the market and not standing on the sidelines. Like I said earlier, the price of living in Victoria is on it's way skyward.......with a vengeance.



#29 LeoVictoria

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Posted 16 December 2016 - 07:38 AM

LeoVictoria what jumps out at me from your spread sheet is that a home that you used to be able to purchase a short while ago that was under $600K is likely going to sell now for over $700K, and in some cases over $800K (In a very short period of time)

I am glad that you are in the market and not standing on the sidelines. Like I said earlier, the price of living in Victoria is on it's way skyward.......with a vengeance.


Yep we bought in 2013 for $550k. At the time I thought it was a crazy high amount and surely the market would continue to decline another 10% or so as it had been doing. Turns out that was the bottom and it shot up.
Not sure what we would do if we were looking today. I don't think I'd pay $800k for the place

#30 lanforod

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Posted 16 December 2016 - 08:13 AM

I'm lucky enough to have bought in March of 2013 as well, at 666k. I think I could sell for 200k+ more too.



#31 dasmo

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Posted 16 December 2016 - 08:43 AM

A crazy bump up that was unexpected in it's extreme and rapid change. We bought and sold in January and it was all quiet. The property we bought was 50% down from it's original asking price three years earlier. We had no competition, tons of conditions that lasted over a three month period. Around the end of February it all changed. There were suddenly many people poking around the property while we were doing our due diligence. Wish we could have bought in January and sold in April (we sold privately to our renters). Markets do strange things sometimes. Perhaps this was a perfect storm of Vancouver indicating a down trend while being a stratospheric levels, People retiring with cash vacating the oil fields, Millennials getting house horny, and the new money generated by the green rush combining together to create this sudden shift....


Edited by dasmo, 16 December 2016 - 08:43 AM.


#32 Sparky

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Posted 16 December 2016 - 10:47 AM

I don't think I'd pay $800k for the place

 

Somebody else might think that's cheap. :)



#33 sukika

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Posted 16 December 2016 - 01:44 PM

Let's all hope that the prices in BC don't go up to San Francisco levels. They make Vancouver prices seem reasonable  :whyme:



#34 RoadRunner

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Posted 30 December 2016 - 09:04 PM

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.

 

The BC Assessment website is now displaying valuations as of July 2016.

 

https://evaluebc.bca...ca/Default.aspx



#35 Nparker

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Posted 30 December 2016 - 09:22 PM

The BC Assessment website is now displaying valuations as of July 2016.

Oh my. My assessment is up $56,000 or 21%. This seems to be comparable to my neighbours' assessments.



#36 AllseeingEye

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Posted 30 December 2016 - 09:57 PM

Same, up just over 23% which an informal "boulevard discussion poll" among the immediate neighbors this afternoon seems to indicate is the rough average in our neighborhood. Feel bad for first time buyers trying to purchase in this market......



#37 rjag

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Posted 30 December 2016 - 09:59 PM

Mine is up over $210k from $708k to $921k  :badpc:


Edited by rjag, 30 December 2016 - 10:00 PM.


#38 Nparker

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Posted 30 December 2016 - 10:13 PM

Mine is up over $210k from $708k to $921k  

How does that 30% increase compare with your neighbours' assessments?



#39 LeoVictoria

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Posted 30 December 2016 - 10:38 PM

Great strategy thank you.  

So here is mine:  

 

attachicon.gifpi.png

 

So average increase 33.94% from the comparables, and actual increase 30.5%



#40 Nparker

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Posted 30 December 2016 - 10:49 PM

My sister's place just north of Qualicum saw a 42% increase in the assessment. She may want to challenge this since most of that was in the building value and as far as I know she didn't make any significant change to her house in the past year.



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