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2018 Property Assessments (July 2017)


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#1 Sparky

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Posted 29 December 2017 - 05:38 PM

Here we go folks, your new property assessment was posted today.

 

https://www.bcassessment.ca


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#2 Nparker

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Posted 29 December 2017 - 05:56 PM

My assessment is up about 6.2%



#3 Mike K.

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Posted 29 December 2017 - 06:23 PM

Wow. One property I'm familiar with just sold over 50% above its assessed value, which increase by less than 5%. Weird.


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#4 Nparker

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Posted 29 December 2017 - 06:28 PM

...One property I'm familiar with just sold over 50% above its assessed value, which increased by less than 5%...

This sale might affect next year's assessment for this property.



#5 snub

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Posted 29 December 2017 - 06:33 PM

My math sucks. What is the magical formula for figuring percentage increase?



#6 VicHockeyFan

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Posted 29 December 2017 - 06:40 PM

My math sucks. What is the magical formula for figuring percentage increase?

 

New price / old price.  Remove the 1 before the decimal and make the remainder the percentage.

 

ie. 1.50 = 50%

 

New price 1.5 million divide by old price 1.0 million = 1.50 = 50% increase.


Edited by VicHockeyFan, 29 December 2017 - 06:43 PM.

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#7 Mike K.

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Posted 29 December 2017 - 07:01 PM

A couple of properties I'm familiar with have increased by 30%.


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#8 Coreyburger

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Posted 29 December 2017 - 07:03 PM

Wow. One property I'm familiar with just sold over 50% above its assessed value, which increase by less than 5%. Weird.

 

Just sold as in after July?



#9 Mike K.

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Posted 29 December 2017 - 07:04 PM

Yup. Its assessed value rose by less than 5% between July 2016 and July 2017. Sold for ~52% above its July 2016 assessed value.


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#10 Gary H

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Posted 29 December 2017 - 07:05 PM

Our assessed value increased 18.3%.



#11 snub

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Posted 29 December 2017 - 07:06 PM

Thanks VHF. I gits it now.


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#12 tjv

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Posted 29 December 2017 - 07:36 PM

Yup. Its assessed value rose by less than 5% between July 2016 and July 2017. Sold for ~52% above its July 2016 assessed value.

Everyone knows assessed value means nothing compared to real value.  Assessed value only means one thing, what you have to pay when computing property taxes.

 

Mine is up another 25% this year.

 

I'm still interested to know what the final mean average housing price ends up for the year compared to last year.  A few more days and we will find out


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#13 Mike K.

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Posted 29 December 2017 - 08:13 PM

Ok, we’ve got a new high. Someone is reporting 34%.

Yeah that’s exactly what it’s for, and during slower times it’s a decent representation of value. In heated markets the assessed value is replaced what whatever the seller wants, more or less.

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#14 Matt R.

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Posted 29 December 2017 - 09:32 PM

Townhouse up 20%. Salt spring house up 18%. Townhouse is catching up to market rate, house is way below.

Matt.

#15 LeoVictoria

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Posted 29 December 2017 - 09:58 PM

Ok, we’ve got a new high. Someone is reporting 34%.

Yeah that’s exactly what it’s for, and during slower times it’s a decent representation of value. In heated markets the assessed value is replaced what whatever the seller wants, more or less.

 

Assessed value always means the same thing regardless of what the market is doing:   Estimated market value as of July 1 of the previous year.    

 

People shouldn't be surprised at properties selling far over market value especially near the end of the year when the measure is well over a year old.


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#16 Mike K.

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Posted 29 December 2017 - 10:10 PM

Well, I think when a property sells for 52% above assessed mid-2016 value in late 2017, the true market value of the property is overwhelmingly higher than the assessed value would have been anyway. Even taking the 2017 value into consideration, the property still sold 46% above the AV.

 

But back in early 2015 that same property sold for 20% above its mid-2015 assessed value when the market wasn't as heated, meaning the assessed value was a much more meaningful barometer for value. Back in 2009 I would wager had the property been sold it would have been sold at or just below the assessed value.


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#17 lanforod

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Posted 29 December 2017 - 10:50 PM

House up 6.3%. Condo on the mainland up 47%... ouch.



#18 tjv

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Posted 30 December 2017 - 07:08 AM

Assessed value always means the same thing regardless of what the market is doing:   Estimated market value as of July 1 of the previous year.    

 

People shouldn't be surprised at properties selling far over market value especially near the end of the year when the measure is well over a year old.

If someone offered me my assessed value just released yesterday 6 months ago I would tell them to come back when they want to make a serious offer.  Assessed value means nothing



#19 rjag

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Posted 30 December 2017 - 08:52 AM

Condo in Victoria up 50% house in OB up 25%. Condo in Kelowna up 20%
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#20 VicHockeyFan

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Posted 30 December 2017 - 09:43 AM

Condo in Victoria up 50% house in OB up 25%. Condo in Kelowna up 20%

 

What about all your other homes?

 

Now I see why we have a "housing crisis", someone is collecting/hoarding them.


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