Now that you’ve likely received your B.C. Property Assessment 2017 you might be interested in knowing why there was such a big increase, what it means for your next tax bill and what to do if you disagree. If you’re a little worried or confused – don’t panic, you’re not alone. We’ve had several calls this week from our clients looking for some reassurance!
Below are the top five things you need to know and how to submit an appeal.
1 – Firstly, a property assessment is an evaluation of your property’s value. This takes into account land value and improvements to the building. It is set on July 1 every year by the B.C. Assessment Authority.
2 – The B.C. government uses the assessments to figure who is eligible for the B.C. Homeowners Grant.
The current threshold value for 2016 was set at $1.2 million. Anything above this, then the grant is reduced $5 per $1,000 value. Although, keep an eye on our blog as this is likely to change as a result of the increased assessment values.
3 – Municipalities use assessments to adjust property-tax rates.
This is where the biggest concern for homeowners stems from. If the assessment value rose by more than the average for their property class, the owner may see a tax increase larger than the municipality’s general increase. However, homeowners whose assessments rose by less than the average might see a tax break.
4 – If you still have questions head over to B.C. Assessment’s website to check how your assessment compares with your neighbours and to that of similar properties in Kitsilano.
If that doesn’t answer your questions, feel free to give B.C. Assessment a call.
5 – If you still disagree with the result, you have the right to formally appeal your assessment. During the appeal process, your case will be heard by an independent panel but act quickly, the deadline to appeal is January. 31.
If you’re thinking about appealing your assessment value, visit here for a helpful breakdown of your next steps.