Effect on 2012 Property Taxes with a change of legal title
A property is assessed based upon its legal title at November 30th. The value, or the tax consequences, can be very different. Some examples are:
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Condominium project:
the property will likely have a lesser value prior to stratification. Hence, the registration should occur after November 30th. -
Consolidated parcels:
a group of properties could each have a greater value than a consolidated parcel as each legal lot is assessed separately. -
Small parcels:
if the development potential is restricted then a lesser value could be applicable. Under this circumstance, consolidation could cause a higher value. -
Land averaging:
in the city of Vancouver, if the legal description of a property changes, then land averaging will not apply. This could be positive or negative. -
Amalgamation:
if a vacant parcel has a separate legal description, but forms part of a total development, such as parking for the adjacent property, it may have been assessed as a freestanding land parcel rather than part of the development. Amalgamation could reduce the value.
Publications
- Expected Assessed Value Changes In 2024
- 2024 Property Assessment Value Changes
- Whistler and Pemberton 2023 Assessed Values
- 2023 Assessment Update
- 2023 Property Assessment Value Changes
- Expected Assessed Value Changes In 2023
- Potential Property Tax Relief For Local Businesses
- Reasons For Landlords To Appeal Their Property Assessments
- Developers need to Appeal the Additional School Tax (AST)
- 2022 Property Assessment Value Changes
- Misconceptions within the Property Assessment Process
- Additional School Tax Exemption for Developers
- Minimizing Property Tax on Development Land
- Assessment Of Residential Sites Under Construction
- Should Homebuilders Be Paying Additional School Tax?
- Development Sites: Is The Additional School Tax Applicable?
- Vancouver Vacancy Tax
- Resolving Disputes - A New Approach
- BC Foreign Investors Tax
- NAIOP Industrial Panel
- Opportunities for Brokers
- How are School Taxes Calculated? | doc