2016 assessments are In

[Donald G]

*removed*

[Lady tehMa]

I think a lot of people are unhappy. My work uses this site http://evaluebc.bcassessment.ca/Property.aspx and it crashed on us and was unavailable for a chunk of the day. Seems to be working now, though.

[techrtr]

As long as we maintain the practice of selling off Canada to foreign buyers this is going to continue.

[Jonrox]

I think a lot of people are unhappy. My work uses this site http://evaluebc.bcassessment.ca/Property.aspx and it crashed on us and was unavailable for a chunk of the day. Seems to bee working now, though.

I think a lot of people are unhappy just because that's who they are. If the assessed value went down, they'd cry because "they know their house is worth more than that". And when it goes up, they think their taxes automatically go up because they don't understand how property taxes work.

[Veovis]

I think a lot of people are unhappy just because that's who they are. If the assessed value went down, they'd cry because "they know their house is worth more than that". And when it goes up, they think their taxes automatically go up because they don't understand how property taxes work.

Care to clarify? I thought the assessments were rather directly tied to property taxes, however since Municipalities don't do the assessment it made for a 3rd party that could be relied on for the value being assessed. You imply that isn't the case, and therefore I wouldn't mind a clearer picture.

As for unhappy up or down, well ya, that's just the way some folks are.

[Glacier]

If the Canucks are playing the Canadiens, no matter who wins, half the population will be upset and complaining. Same goes with assessments.

[Jonrox]

Care to clarify? I thought the assessments were rather directly tied to property taxes, however since Municipalities don't do the assessment it made for a 3rd party that could be relied on for the value being assessed. You imply that isn't the case, and therefore I wouldn't mind a clearer picture.

As for unhappy up or down, well ya, that's just the way some folks are.

I'm probably oversimplifying this, but here goes...

The property tax rates will fluctuate in order for the government to bring in the level of revenue they've budgeted for. Over the past few years, most of us in Kelowna saw our assessments fall. Did your taxes fall drastically? Probably not. If tax rates stayed the same, there would have been a severe shortage of tax revenue, so the tax rates rose to make up the shortfall that otherwise would have happened.

Now when assessment values go up, the rates are adjusted to bring in the level of revenue the government budgeted for. They don't just get a windfall in years when major increases are seen (like this year). The city budgeted an increase in property taxes and the assessed values made no difference when they proposed the increase. They're going to get that increase from us whether assessments rise or fall.

All things being equal, most of us will see only a slight increase in our taxes around the level that was budgeted for prior to the notices coming out. Where some people get a little screwed is when their assessment increase outpaces the average. Those folks will see a slightly disproportionate increase in their taxes.

This is how I had it explained to me many years ago. Maybe someone with more experience in this can comment too?

[SmokeOnTheWater]

If Your Assessment Goes Up, Must Your Taxes Go Up?
Not necessarily. Assume that the municipal government kept its spending flat this year. Assume that everyone in town received a higher property assessment. In a case like this, no one’s taxes would rise because the mill rate would drop by the same amount as the increase in the overall assessment. In other words, the higher assessment would be canceled out by a lower mill rate.

http://www.eximus.com/buying/buying-resources/property-tax-guide/

[Veovis]

I'm probably oversimplifying this, but here goes...

The property tax rates will fluctuate in order for the government to bring in the level of revenue they've budgeted for. Over the past few years, most of us in Kelowna saw our assessments fall. Did your taxes fall drastically? Probably not. If tax rates stayed the same, there would have been a severe shortage of tax revenue, so the tax rates rose to make up the shortfall that otherwise would have happened.

Now when assessment values go up, the rates are adjusted to bring in the level of revenue the government budgeted for. They don't just get a windfall in years when major increases are seen (like this year). The city budgeted an increase in property taxes and the assessed values made no difference when they proposed the increase. They're going to get that increase from us whether assessments rise or fall.

All things being equal, most of us will see only a slight increase in our taxes around the level that was budgeted for prior to the notices coming out. Where some people get a little screwed is when their assessment increase outpaces the average. Those folks will see a slightly disproportionate increase in their taxes.

This is how I had it explained to me many years ago. Maybe someone with more experience in this can comment too?

So a bit of a yes and no there but makes sense. Basically, yes your assessment *tax rate = property taxes, however when the local budget comes out stating a 4% hike in the tax rate that is based on forecasts and when the official assessments come out they simply adjust to a real rate so that assessment * rate = budgeted amounts.

Somehow when city was doing their budget I thought they had the real rates for city assessment overall for the calculations.

[LANDM]

It is only of consequence if your property assessment rises more, percentage-wise, than the average.
If the city tax requirement is the same and your property assessment rises the same as the average, then your taxes will be the same, regardless of how much it jumped.

[Wally]

Ours went up 5% from last year when it went up around 15%.

[fall]

On paper, ours went up by 8%.

Realistically though, it went up by 16% judging by a very recent sale of the exact same unit in my building that closed last week.

Meh. It's all paper money anyway. Not like we're selling anytime soon.

Do people that live in units in buildings own land?

[Donald G]

Every time your assessment goes up your taxes also go up unless the city changes the mill rate which will not happen.

Your increased equity in your home is a two edged sword.

[Nom_de_Plume]

<sarcasm>mine went up 11% w00 h00!</scarcasm>

[Glacier]

My house went WAY up this year compared to the previous 5 years.