The newest version of tax assessments are out and my phone has been ringing off the hook. My wonderful past clients are concerned their assessment is way off, either aggressively high or too low.
We are coming off one of the hottest real estate markets ever in our province and this has a bunch of people a little concerned.
We can help you dispute your tax assessment by providing you with the right information.
Before disputing though, there are a few things to remember
- The value is the value determined as of July 2016. Your assessment is essentially an appraisal of your property’s value, considering both changes in land value, including things such as rezoning nearby, and improvements to the building, set by the B.C. Assessment Authority as of July 1 every year. Whatever (market) changes happened after July 1, 2016, will be factored into 2018 assessments.
- Municipalities use assessments to adjust property-tax rates to account for changes in assessed values for various property classes. The concern for homeowners is whether their assessment rose by more than the average for their property class. Homeowners whose assessments rose by less than the average will get a tax break.
- The provincial government uses property assessments to establish eligibility for the B.C. Homeowners Grant (the $570 per household grant offered to help defray property taxes on homes that are their principal residence). The threshold value for 2016 was set at $1.2 million, above which the grant is reduced $5 per $1,000 value. However, Finance Minister Mike de Jong said Tuesday that the province is reviewing the threshold considering soaring assessments.