Back to Blog

2017 TAX ASSESSMENT REVIEW  

 


IT’S THAT TIME OF YEAR AGAIN... 


Last week you should have received your 2017 tax assessment letter from BC Assessment in the mail. Do you have questions about your most recent tax assessment? 

A lot happened in 2016 in the real estate market and it is likely your tax assessment looks quite different than what it did this time last year. Many times a tax assessment can come in too high, or too low. 

 

SO WHY DOES ALL THIS MATTER? 


Your tax assessment is the value of your home, calculated by the province’s assessors each July, and then that value is used as a basis for determining the amounts you pay to the city yearly in property tax. The tax payment then goes towards city services which includes paying for schools, fire departments, policing, etc. 


If you feel your tax assessment does not reflect the true value of your home, it can be disputed. Benefits of a lower assessed value of your home include lower property tax for you. Benefits of a higher assessed value can help you achieve a higher sale price if you plan to make a move this year. 


If you are curious about your homes true value or feel your tax assessment is not a true reflection of your properties value and are considering disputing it, we are here to help. In the month of January, we will be offering complimentary market analyses for our clients, as well as their friends and families who are looking to dispute their homes assessed value, or are just curious as to what their home may be worth in today’s market. We will supply you with the information you need to successfully dispute you tax assessment. 


To learn more or to request a complimentary review, email clientcare@germyn.cawith your request. 



Here are a few key items from 2017 that helped shape our market...


SIGNIFICANT EVENTS IN REAL ESTATE IN 2017


  • Effects of foreign buyers tax still being felt on detached properties from 2016
  • Announcement of mortgage rule changes/ stress test in October 2017
  • City of Vancouver initiates vacancy tax to take effect early 2018
  • NDP introduced as government
  • Effects of stress test on mortgages with less than 20% down are in full effect from 2016
  • 2 rate hikes by the Bank of Canada in 2017
  • Vancouver legalizes and regulates Airbnb and other short term rentals
  • BC Government launches downpayment matching program for first time buyers

 

MEDIAN YEAR OVER YEAR GAINS FROM JULY 2016 TO JULY 2017

(Source: Home Price Index July 2017- July represents month that tax assessments are taken each year)


North Surrey

   Condo

   Townhome

   Detached

2016

   $242,500

   $376,000

   $770,000

2017

   $300,444

   $442,500

   $861,000

+ / -

   23.9%

   17.7%

   11.8%

 

 

 

 

Surrey

   Condo

   Townhome

   Detached

2016

   $249,000

   $450,000

   $875,000

2017

   $295,000

   $546,944

   $1,025,000

+ / -

   18.5%

   21.5%

   17.1%

 

 

 

 

Cloverdale

   Condo

   Townhome

   Detached

2016

   $281,250

   $431,000

   $855,000

2017

   $342,500

   $510,000

   $977,500

+ / -

   21.8%

   18.3%

   14.3%

 

 

 

 

 

 

 

 

 

 

 

 

South Surrey/White Rock

   Condo

   Townhome

   Detached

2016

   $344,472

   $594,950

   $1,393,750

2017

   $404,000

   $671,000

   $1,500,000

+ / -

   17.3%

   12.8%

   7.6%

 

 

   

 

North Delta

   Condo

   Townhome

   Detached

2016

   $377,400

   $572,500

   $850,000

2017

   $365,000

   $615,000

   $920,000

+ / -

   -3.3%

   7.4%

   8.2%

 

 

 

 

Langley

   Condo

   Townhome

   Detached

2016

   $240,500

   $475,000

   $870,000

2017

   $317,000

   $539,950

   $990,000

+ / -

   31.8%

   13.7

   13.8%

 

 

 

 

Abbotsford

   Condo

   Townhome

   Detached

2016

   $188,675

   $409,950

   $652,500

2017

   $240,250

   $450,000

   $745,000

+ / -

   27.3%

   9.8%

   14.2%

 

Comments

No comments

Post Your Comment: