Staggering BC Home Assessments – Is There Anything to Celebrate?
“Price is what you pay. Value is what you get”
― Warren Buffet
Home owners received a shocking letter from BC Assessment earlier this week, as some home values in Nanaimo jumped $100,000 or more since last year! BC Assessment says that increased values don’t necessarily mean that you will face a property tax increase as taxes are affected by the assessment changes compared to the average change in a community.
Many home owners in Vancouver and other parts of the Mainland saw their assessments increase 20-50% compared to 2015 as property values are based on assessments up to July 2016, which was prior to the 15% foreign buyer tax being implemented there. Any sales that took place in your neighborhood after July 1, 2016 will be factored into the 2018 assessments. Lululemon founder, Chip Wilson, topped the list of highest assessed homes in BC this year – a position held by his mansion since 2014. His assessment increased by $12 MILLION to a staggering $78,821,000 in 2016!
Concerned about your assessment? If you are interested in seeing what your neighbour’s home has been assessed at, you have the opportunity to search for BC properties via the BC Assessment website:https://evaluebc.bcassessment.ca/. Home owners do have the right to appeal their assessments, but this can sometimes backfire as a second review could trigger your home being considered “under-assessed”.
Finding out what your home value was as of July 1st is a helpful tool that our McCullough Team is pleased to offer. We can send you comparable home sales from Jan 1 – July 1, 2016 in your neighbourhood that are similar to your own home at NO COST or OBLIGATION. This way, you have the opportunity to decide for yourself whether or not you want to argue your assessment. We have helped many clients determine the correct value of their home and several have gone on to appeal their assessment successfully. The deadline for filing an appeal is January 31st! Contact Brian or Myles McCullough today at 250-751-1223 (office) or on cell at 250-714-6141 (call /text) to learn what sales directly impacted the assessment of your home!
Thinking about selling your home this year? Why not find out the current value of your home right now. Our real estate market is seeing a shortage of family homes and smaller multi-family properties for investors, so if you were considering putting your home or strata property on the market, now might be the BEST time to sell. Contact us and let our team get you moving in the right direction for 2017.
We look forward to speaking with you.
Brian & Myles McCullough