January 7, 2020
The Botto Team
January 09, 2020 - Courtesy of the Real Estate Board of Greater Vancouver
Property owners received their 2020 assessment notices in the first week of January, which reflects the market value as of July 1, 2019. Assessments for strata units throughout Greater Vancouver decreased with West Vancouver leading with a decline of 10 per cent, followed by Burnaby, Coquitlam, New Westminster, and North Vancouver District which all dropped by nine per cent, followed by Richmond with an eight per cent decrease.
Assessments for detached homes were also lower, with West Vancouver again leading the way with a 16 per cent decrease. Coquitlam, Port Moody, and Vancouver all saw an 11 per cent decrease, while Maple Ridge and Pitt Meadows each dipped six per cent.
Only three communities saw increases for detached homes: Whistler (5%), Pemberton (5%), and Squamish (0.3%).
For new construction or substantially renovated homes, the estimate is based on the physical condition as of October 31, 2019.
Property owners can also see a property’s assessment searching the address on BC Assessment’s (BCA’s) website.
Details include a photo, a property description (land and buildings), the total assessed value, the previous year’s value, the legal description, and property ID.
If property details are incorrect, property owners are directed to complete and submit an e-valueBC Data Validation Form. Property owners can also compare neighbouring properties and sample sold properties to decide whether their property has been correctly assessed. Deadline to appeal assessment is January 31, 2020.
Property owners who disagree with their assessment should do homework by:
- comparing their assessment with neighbouring properties; and
- contacting BCA at 1-866-valueBC (1-866-825-8322), talking with staff who can make adjustments if there’s an obvious error, for example if BCA included a complete renovation when there was only a spruce-up or an upgrade for plumbing or electrical.
Property owners who decide to appeal their property assessment should review information on the Property Assessment Appeal Board website on how to prepare for an appeal and then complete a Notice of Complaint (Appeal) Form.
Each year less than one per cent of BC property owners appeal their assessments.
Note: you can’t appeal your taxes. You can only appeal your assessment.
For information about BCA, visit their website or phone 1-866-valueBC (1-866-825-8322).
Read more about Greater Vancouver assessments.
Did you know?
- BCA is a provincial Crown corporation. Since 1974, it’s been responsible for determining and reporting property value estimates.
- For 2020 BCA reported the number of properties assessed in the Lower Mainland is 1,014,135 properties, an increase of 1% from last year.
- Total value of real estate in the Lower Mainland in 2020: $1.41 trillion, down 5% from 2019.
- In BC, 88 per cent of all properties are classified as residential (class 1).
- BCA’s assessment roll provides the foundation for local and provincial taxing authorities to levy property taxes each year which fund community services including the school system.
Property taxation is determined by local and provincial taxing authorities after determining their budget needs and calculating property tax rates based on the assessment roll for their jurisdiction.
Municipalities determine tax rates for each property class in the spring, once the assessment roll is finalized. Changes in assessment over the year don’t automatically translate into the same percentage changes in property taxes for any particular class of property or for any individual property.
Questions? Contact BCA.
Home Owner Grant thresholds drop
The Home Owner Grant a provincial grant which reduces the amount of property tax an owner pays. To qualify you must:
- be the registered owner;
- occupy the home as your principal residence;
- be a Canadian citizen or permanent resident of Canada; and
- live in BC.
The Home Owner Grant threshold applies across the province. The amounts are:
- $570 for the basic grant;
- $770 if the home is located in a northern or rural area;
- Up to $845 for home owners age 65 and more or a home owner with a disability; and
- Up to $1,045 for home owners age 65 and more or a home owner with a disability where the home is in a northern or rural area.
The grant is available to owners of property assessed at up to $1.525 million in 2020, down from $1.65 million in 2019 to accommodate the decline in home prices.
The grant is reduced by $5 for each $1,000 of assessed value over $1,525,000. This means properties assessed up to $1,639,000 ($1,679,000 in a northern and rural area) can receive a partial regular grant.
In northern and rural areas, the basic grant fully phases out at $1,804,000 and the higher grant at $1,859,000.