2018 Property Assessments

Re: 2018 Property Assessments

Postby johnny24 » Jan 8th, 2018, 1:17 pm

*removed*
Last edited by ferri on Jan 8th, 2018, 1:22 pm, edited 1 time in total.
Reason: Try again without the personal attack.
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Re: 2018 Property Assessments

Postby deedub » Jan 8th, 2018, 1:20 pm

up 29% , no way this place is worth what they assessed !

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Re: 2018 Property Assessments

Postby Symbonite » Jan 8th, 2018, 2:03 pm

All I see is a lot of people here complaining that they investment in their house has gone up...like its a bad thing..

My invested dollar is now worth .25 cents more this year...how dare they...

But I guess these are the same people that will have no problem on selling their home 50% more then their assessed rate.
**Disclaimer: The above statement is in my OPINION only.
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Re: 2018 Property Assessments

Postby Even Steven » Jan 8th, 2018, 2:08 pm

Symbonite wrote:All I see is a lot of people here complaining that they investment in their house has gone up...like its a bad thing..


I like how you put it. First world problems indeed.
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Re: 2018 Property Assessments

Postby RVThereYet » Jan 8th, 2018, 4:06 pm

Symbonite wrote:All I see is a lot of people here complaining that they investment in their house has gone up...like its a bad thing..

My invested dollar is now worth .25 cents more this year...how dare they...

But I guess these are the same people that will have no problem on selling their home 50% more then their assessed rate.

Not until you sell ...

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Re: 2018 Property Assessments

Postby Glacier » Jan 29th, 2018, 3:18 pm

My family's property has jumped by 500% in a single year!!!! I guess all the wildfires out in the Chilcotin have pushed up land values!????

https://www.bcassessment.ca/Property/In ... BTWExKSw==
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Re: 2018 Property Assessments

Postby Temet Nosce » Jan 29th, 2018, 3:25 pm

:200: holy chit...
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Re: 2018 Property Assessments

Postby normaM » Jan 29th, 2018, 5:08 pm

most of the formula is based on what has sold in the neighbourhood. As well 2 storeys valued more than ranchers with a basement. Makes little sense as I always thought after location was square footage.
500% wow, that's a big jump in property tax.
I advise everyone to check out e value and what comparables in your hood have been assessed at - actually it falls on the home owner to check as there have been mistakes made. Fact
Bought here proper way, with a Lawyer, realtors etc. 3 years later someone in the area says they are surprised my house is a two storey. It isn't. Call BC assessment who keep asking if I can get upstairs ( sigh) Being believers they send someone out to make sure I don't have a secret second floor. She agrees there isn't one ( wow) So they I figure based it on a google street view, high pitched roof with dormers ( merely skylights) They tell me it is my fault for not verifying the size and area of my home. City of Kelowna says property tax based on BC assessments ( can't get to every home) No one refunded the extra 2000 near I paid in property tax for the phantom 2nd storey. Lesson learned. Took several calls to get it corrected.
#party on my second floor#
I even sent photos, but they had to come out... love tax money being spent for naught
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Re: 2018 Property Assessments

Postby Bsuds » Jan 29th, 2018, 5:20 pm

They think mine is a single story and it's a 4 level split...I ain't telling!

The valuation is pretty much what it should be anyway.
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Re: 2018 Property Assessments

Postby Glacier » Jan 29th, 2018, 5:37 pm

normaM wrote:most of the formula is based on what has sold in the neighbourhood. As well 2 storeys valued more than ranchers with a basement. Makes little sense as I always thought after location was square footage.
500% wow, that's a big jump in property tax.

I was only joking about the wildfires doing this. The massive jump in property taxes is related to the 2014 supreme court decision that awarded 438,000 hectares to the Chilcotin (Tsilhqot'in) people.

park-mapa.jpg


If your property is withing the territory, it went up like 500%, but if it's outside the area it is assessed about the same as the previous year. The reason for this is that the land values absolutely tanked last year within the territory. It was totally bizarre in the Tatlayoko Valley in the western part of the area because the line dawn on the map by the Supreme Court went right down the middle of the valley, so have next door neighbours with one person's property going up by 5 times while the other guy's place is the same as the previous year.

But that's not the beginning of the story. My family in the area stated that their property lost 75% of its value a year or two ago. According to them, this had absolutely nothing to do with the sale of properties (properties were selling for the same as the previous year), but the First Nations had lobbied BC Assessment to get the land values depreciated so they could buy up all the properties within the territory for dirt cheap (I make no claims to the accuracy of this reason). My family member told me this last summer and laughed, "little do they know that assessed values have nothing to do with what a property sells for. My taxes were cut by more than 50%, but the actual market value of my place is still the same. As soon as they figure out that artificially reduced assessed values don't give you cheap land, the assessed values will jump back up to where they should be."
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Re: 2018 Property Assessments

Postby RVThereYet » Jan 29th, 2018, 5:38 pm

Bsuds wrote:They think mine is a single story and it's a 4 level split...I ain't telling!

The valuation is pretty much what it should be anyway.

For years they had our house with an unfinished basement (approx. 1750 sq.ft.) even though it was fully finished. We sold last summer and I see now they have it with a finished basement. Guess they figured it out after the sale...
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Re: 2018 Property Assessments

Postby Anonymous123 » Jan 29th, 2018, 5:55 pm

normaM wrote:most of the formula is based on what has sold in the neighbourhood. As well 2 storeys valued more than ranchers with a basement. Makes little sense as I always thought after location was square footage.
500% wow, that's a big jump in property tax.
I advise everyone to check out e value and what comparables in your hood have been assessed at - actually it falls on the home owner to check as there have been mistakes made. Fact
Bought here proper way, with a Lawyer, realtors etc. 3 years later someone in the area says they are surprised my house is a two storey. It isn't. Call BC assessment who keep asking if I can get upstairs ( sigh) Being believers they send someone out to make sure I don't have a secret second floor. She agrees there isn't one ( wow) So they I figure based it on a google street view, high pitched roof with dormers ( merely skylights) They tell me it is my fault for not verifying the size and area of my home. City of Kelowna says property tax based on BC assessments ( can't get to every home) No one refunded the extra 2000 near I paid in property tax for the phantom 2nd storey. Lesson learned. Took several calls to get it corrected.
#party on my second floor#
I even sent photos, but they had to come out... love tax money being spent for naught


EValue is gone, at least I can't find it. This works though:

https://www.bcassessment.ca/
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Re: 2018 Property Assessments

Postby LANDM » Jan 29th, 2018, 8:18 pm

Glacier wrote:My family's property has jumped by 500% in a single year!!!! I guess all the wildfires out in the Chilcotin have pushed up land values!????

https://www.bcassessment.ca/Property/In ... BTWExKSw==

Except land went up $20k and improvements went up over $400k.....obviously not a "market rise" nor is it attributed to what you said in subsequent post about land values changing from some court decision.
Why the increase in improvement value?
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Re: 2018 Property Assessments

Postby marooned » Feb 4th, 2018, 3:06 am

Symbonite wrote:All I see is a lot of people here complaining that they investment in their house has gone up...like its a bad thing..


But it hasn't. The assessed value of a property has risen, not the actual sale price or the underlying value of the house. It may reflect an increase in value but doesn't guarantee it.

The real story here is how BC Assessment is improving how they assess values. If you've been watching, this is the third year where they've brought assessed value much closer to the expected sale price. They are aggregating the prior year's sales data into the valuation, and improving how they value buildings. I think they are now within 3-5% of sale price, when they used to be 20-30% off given that they had to rely on years old sales records to set assessed values, and now it seems fairly automated.

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