WHAT WAS YOUR PROPERTY WORTH ON JULY 1? IT MATTERS FOR 2017
VANCOUVER —The Greater Vancouver real estate market has seen increased activity in 2016 with residential and commercial values showing significant increases. 2017 property assessment values will reflect what was happening around BC Assessment's uniform valuation date of July 1.
"The preliminary market analysis for 2017 property assessments indicates significant increases over last year's assessment values," says Assessor Jason Grant. "Increases of 30 to 50 per cent will be typical for single-family homes in Vancouver, North Shore, Squamish, Burnaby, Tri-Cities, Richmond and Surrey. Typical strata residential increases will be in the 15 to 30 per cent range."
Commercial and industrial properties throughout the Greater Vancouver area will also see significant increases in the 10 to 30 per cent range, with properties being purchased for eventual redevelopment often exceeding these ranges.
July 1st of each year marks the date BC Assessment estimates the market value of properties in B.C. BC Assessment's professional appraisers analyze current sales in the local area, as well as the property's size, age, quality, condition, view and location. Using a single common date ensures your property's assessed value is fair, equitable and uniform compared to the other properties in your community and across B.C.
"It is important to understand that large increases in property assessments do not automatically translate into a corresponding increase in property taxes," adds Grant. "Your taxes are actually affected by your assessment changes compared to the average change in your community."
All British Columbia's property owners will receive their annual property assessment notices in early January, 2017. During December, BC Assessment is providing courtesy notification letters to property owners whose assessments are increasing significantly more than the typical range of change.
BC Assessment's website at bcassessment.ca will be updated on January 3rd, 2017 with access to 2017 property assessment information including assessment details for all properties via our free, online e-valueBC service, a variety of statistics, and extensive lists of the top valued properties, both regionally and province-wide.