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2018 Property Assessments

Re: 2018 Property Assessments

Postby LANDM » Jan 4th, 2018, 9:28 pm

Whyme2 wrote:
Even Steven wrote:Mine only went up 20%. Hopefully this means a break on taxes judging by what you all posting.


Your property taxes will increase by a minimum of 3.6% this year if you live in Kelowna. I guarantee it :up:

No, they will not necessarily. You cannot guarantee it.
This is like Groundhog Day every year at this time........ :135:
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Re: 2018 Property Assessments

Postby normaM » Jan 5th, 2018, 5:30 am

Mine up 11% better than last year when it jumped 24%. And since taxes based on assessment more money for the City.
Neighbours place went higher than mine.. then down the block bascially no change at all.
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Re: 2018 Property Assessments

Postby Anonymous123 » Jan 5th, 2018, 6:36 am

We See
We Judge

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Re: 2018 Property Assessments

Postby monilynno » Jan 5th, 2018, 8:57 am

Anyone else get a 28% increase like I did ? Property is unchanged y/y
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Re: 2018 Property Assessments

Postby trapp » Jan 5th, 2018, 10:13 am

Up 18 %. It has gone up by 47 % points since 2014. Of course it is compounded each year so the total is around 50%.
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Re: 2018 Property Assessments

Postby stevemic » Jan 5th, 2018, 11:38 pm

Can anyone tell me in concrete evidence how the property tax amount is calculate.
does anyone have the equation?
Seems to me its simple math that you would pay a certain percentage of your bc assessment.
which would make me think that if your assessment goes up so do your taxes.
please prove me wrong. everytime my assessment goes up so does may taxes which contradicts what some are saying
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Re: 2018 Property Assessments

Postby Glacier » Jan 6th, 2018, 12:07 am

stevemic wrote:Can anyone tell me in concrete evidence how the property tax amount is calculate.
does anyone have the equation?
Seems to me its simple math that you would pay a certain percentage of your bc assessment.
which would make me think that if your assessment goes up so do your taxes.
please prove me wrong. everytime my assessment goes up so does may taxes which contradicts what some are saying


The equation is: taxes = millrate x assessed value. Look at last year's tax notice to see the millrates. The governments (provincial and municipal) know exactly how much money they need/budget, so millrates are adjusted accordingly once they know the total assessed values.
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Re: 2018 Property Assessments

Postby Anonymous123 » Jan 6th, 2018, 5:29 pm

stevemic wrote:Can anyone tell me in concrete evidence how the property tax amount is calculate.
does anyone have the equation?
Seems to me its simple math that you would pay a certain percentage of your bc assessment.
which would make me think that if your assessment goes up so do your taxes.
please prove me wrong. everytime my assessment goes up so does may taxes which contradicts what some are saying



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Re: 2018 Property Assessments

Postby stevemic » Jan 6th, 2018, 6:40 pm

Anonymous123 wrote:
stevemic wrote:Can anyone tell me in concrete evidence how the property tax amount is calculate.
does anyone have the equation?
Seems to me its simple math that you would pay a certain percentage of your bc assessment.
which would make me think that if your assessment goes up so do your taxes.
please prove me wrong. everytime my assessment goes up so does may taxes which contradicts what some are saying





that doesnt answer my question
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Re: 2018 Property Assessments

Postby Bsuds » Jan 6th, 2018, 6:50 pm

Take the total value of the assessments and divide it into how much money the gov't wants/needs and that would be the mil rate. So each owner pays their portion depended on their property value. (I might be wrong but that's basically how it works)
Nowadays it's almost rude to ask a question without Googling it first!

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Re: 2018 Property Assessments

Postby Lady tehMa » Jan 6th, 2018, 8:06 pm

Ours is up 25% :200:
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Re: 2018 Property Assessments

Postby Temet Nosce » Jan 6th, 2018, 10:22 pm

Lady tehMa wrote:Ours is up 25% :200:


:200:
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Re: 2018 Property Assessments

Postby miss_sterious » Jan 7th, 2018, 8:29 pm

Ours has gone up 14% :)
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Re: 2018 Property Assessments

Postby Iamsomeone » Jan 7th, 2018, 10:54 pm

stevemic wrote:Can anyone tell me in concrete evidence how the property tax amount is calculate.
does anyone have the equation?
Seems to me its simple math that you would pay a certain percentage of your bc assessment.
which would make me think that if your assessment goes up so do your taxes.
please prove me wrong. everytime my assessment goes up so does may taxes which contradicts what some are saying


I read an article that explained it simply but can no longer find it. If I recall correctly it goes like this...

BC Assessment values every property in BC once a year with a current estimate of its value based on numerous factors.

Meanwhile, our city council (and all other municipalities) develop a budget of what funds they need to operate the City for the year. Say for simplicity it's 10 million.

If they need 10 million, they divide that amount by all the assessments in the city and collect a proportional amount of tax from each.

Generally, if all property assessments go up a similar amount in your neighbourhood, it's not likely your taxes will shoot up.

And... just because the City budget goes up 4%, it doesn't mean we will all pay 4% more in taxes. New builds, new commercial properties and some increased assessments in some neighbourhoods (did you just get a new park in your neighbourhood or a new bike path - your assessment may have gone up because your property is suddenly more attractive...) all pay for part of the increase.

I hope that's as I remember the article but anyone feel free to correct me if I haven't explained it right.

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Re: 2018 Property Assessments

Postby Grandan » Jan 8th, 2018, 8:29 am

stevemic wrote:Can anyone tell me in concrete evidence how the property tax amount is calculate.
does anyone have the equation?
Seems to me its simple math that you would pay a certain percentage of your bc assessment.
which would make me think that if your assessment goes up so do your taxes.
please prove me wrong. everytime my assessment goes up so does may taxes which contradicts what some are saying

You should have paid attention in school. The mill rate is a mutiplier that takes your total taxed value from the the hundreds of thousands down to thousands of dollars and is intended to fairly distribute the taxes according to property value.
If the city says taxes are up 3%, that is what you will see on your tax bill. The city will determine the mill rate each year in accordance with the total tax value of all the properties in the city divided by how much they need for taxes.
Waste not

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