Don’t panic if your property assessment shoots up: BC Assessment

Some homeowners in the Vancouver-area will see their assessed property values rise by hundreds of thousands of dollars this year, but the provincial government says people shouldn’t panic.

BC Assessment released 2017 property assessments on its website Tuesday.

Details will be formally announced later today, but the agency already braced homeowners across the region for significant increases.

Last month, single-family homeowners were told their 2017 assessment could increase 30 to 50 per cent from last year.

Those seeing the highest increases will be in Vancouver, Squamish, Burnaby, Tri-Cities, Richmond, Surrey and on the North Shore, the statement said.

Those in strata-run properties in the same regions will see increases between 15 and 30 per cent.

According to one example, a five-bedroom renovated near Commercial Drive saw its assessed value rise from $1.09-million to $1.46-million from 2015 to 2016.

Property values are calculated based on an assessment made in July 2016, just before the 15 per cent tax on foreign homebuyers was announced.

BC Assessment says increased values don’t necessarily translate to a property tax increase.

Assessor Jason Grant said taxes are affected by the assessment changes compared to the average change in your community.

Source from http://bc.ctvnews.ca

Photo Credit: Michelle Comens real estate