Castanet

Carrs Landing Viking wrote:Should the thread title not read 2018 Property Assessments??

Probably....

Too expensive for first time buyers now. Time to move away if you can't afford to buy a house here. If everyone who couldn't afford to buy here moved, then you will start seeing wages here increase because there's no one to work the $14 to $20 an hour jobs.

Temet Nosce wrote:

Jonrox wrote:There is no "if" in this discussion. The city budgeted for an increase... the revenue they're getting from property taxes IS going up. The assessments have no bearing on it. That you keep saying "if" indicates you don't understand how this works.

https://info.bcassessment.ca/services-a ... Taxes.aspx

A common misconception is that a significant change in your assessed value will result in a proportionately significant change in your property taxes.
The most important factor is not how much your assessed value has changed, but how your assessed value has changed relative to the average change for your property class in your municipality or taxing jurisdiction. You can find your property class on your assessment notice next to your assessed value.

This is exactly my point.

The City of Kelowna budgeted for an increase in revenue through increased property taxes. They ARE getting more money from taxpayers through property taxes this year. Whether assessments go up or down it doesn't matter - they're getting their increase and they know exactly how much it is (and they knew how much more it will be before assessments came out). FYI... it's an increase of 3.6%.

Yet you keep saying "if" they get additional revenue. There is no "if" - they ARE getting it. Your share might be 3.6% more, or it could be a little less, or it could be a little more. But make no mistake, they're getting it.

Temet Nosce wrote:Glad some can read.....I am aware how taxes are calculated hence the "IF". Having said that--my assessment increase is over 120g's which is substantial IMO and LIKELY (not sure yet) more then the average which would in fact increase property taxes. Posted to see how others assessments are coming in to get a sense "IF" may also see a tax increase. Also, surprising to me to see 2 years in a row such large increases in assessed values.

Your original post didn't say "IF" someone might see a tax increase based on an increase in assessed value. You originally stated that an increase in your assessment might generate more revenue for the city. I don't think I was "dog piling" by saying that an increase in assessed value will not generate more revenue for the city. There is no "ifs" about it.

I am referring to DLC assessments and mine in particular went up over 120g's. Not sure that I will see a tax increase... it depends on municipal average. Again ....I was not 'as' focused on tax rate as much surprised about the increases in assessed values over past 2 years in DLC.

Are some of you this daft? You know what they were referring to, whether the poster will be paying more than the average increase due to above average valuation. Nitpick away I guess, must make some of you feel better in some way.

jsytnick wrote:Are some of you this daft? You know what they were referring to, whether the poster will be paying more than the average increase due to above average valuation. Nitpick away I guess, must make some of you feel better in some way.

Go back to the original (first) post.

If your assessments goes up by more than the median increase you'll see an increase in the amount of property taxes you owe ... if your assessments goes up by less than the median you'll see a decrease ... (though you also have to factor in the % increase for the 2018 year but I won't go into the detailed math here)

The money that the city has budgeted is what they'll get ... sorry to add to the dogpile but the city isn't getting extra money by the assessments changing ... everything has to balance out when the assessments are calculated against the pool of money being requested

I've seen my assessment go up by 55% total since we bought in 2011 ... this year it's rising by $87k ... the real estate market is nuts and seeing houses around us be bought for significant amounts above the assessed value just boggles my mind ...

Not sure if it will help anyone, but we're still in the lowest 25% of Canadian municipalities for taxes ... (100 out of 417 in 2016)

jsytnick wrote:Are some of you this daft? You know what they were referring to, whether the poster will be paying more than the average increase due to above average valuation. Nitpick away I guess, must make some of you feel better in some way.

Wrong... that's not what he was referring to. The OP said he noted increases on a few properties he searched in his area. Then wondered if these increases would generate increased revenue. Nowhere was there a concern stated for his own taxes increasing more than the average. For reference:

Temet Nosce wrote:I viewed a few in my area and DLC assessments another large increase on property assessment again this year. IF...if... this generates additional tax revenue just hoping it is put to good use--my wish list road improvements would be nice.

The OP seemed to not understand that increased revenue is a certainty and not an "if" and that assessments have no bearing on whether additional tax revenue is generated for the city.

Jonrox wrote:

jsytnick wrote:Are some of you this daft? You know what they were referring to, whether the poster will be paying more than the average increase due to above average valuation. Nitpick away I guess, must make some of you feel better in some way.

Wrong... that's not what he was referring to. The OP said he noted increases on a few properties he searched in his area. Then wondered if these increases would generate increased revenue. Nowhere was there a concern stated for his own taxes increasing more than the average. For reference:

Temet Nosce wrote:I viewed a few in my area and DLC assessments another large increase on property assessment again this year. IF...if... this generates additional tax revenue just hoping it is put to good use--my wish list road improvements would be nice.

The OP seemed to not understand that increased revenue is a certainty and not an "if" and that assessments have no bearing on whether additional tax revenue is generated for the city.

'She'.... and it 'appears' mine was significantly higher (on more than one--at least that's what I am trying to find out by starting the thread--maybe it's not significantly higher will know when I get paper copy) so it was implied as jsytnick picked up. And for discussion, I was shocked at increases in assessments in DLC over past 2 years-- wondered about others views. Can we move on now?

Every property I've searched has seen a huge increase. This isn't surprising considering the assessments were severely lagging behind actual values for the past few years.

I'll also add that the original title of the thread was actually more correct than the current one given that the assessments we're seeing now were done in July 2017... so they actually are 2017 property assessments. Temet had it right to begin with. The 2017 assessments are used to calculate 2018 property taxes.

Also noted that in the BC Assessments trend maps it shows ~15.2% median increase for this year ... so if that $120k/[prev assessment] is greater than 0.152 then it means you'll see a higher increase than the 3.6% overall increase ...

sulchie wrote:Too expensive for first time buyers now. Time to move away if you can't afford to buy a house here. If everyone who couldn't afford to buy here moved, then you will start seeing wages here increase because there's no one to work the $14 to $20 an hour jobs.

People who thinks wage reform is going to help first time home owners always get my funny bone

Unfortunately the housing problems for my generation are far more systemic than how much we earn. Maybe 30 years ago this would have done the trick. Not anymore.

Sad to see you or anyone leave our community just because they can't afford a house. But it's a question of priority and if that's yours life god bless and good luck! I myself don't fancy starting over in another municipality, so I adjust my expectations and realize that my $25/hr job means I will rent for my whole life and eventually end up in supportive housing. But at least I'll have a home!

Chalk it up to the inequality of capitalism... some families will have 4 houses before mine has 1. Oh well... that's the system we picked.

This always happens

removed.