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:
the property will likely have a lesser value prior to stratification. Hence, the registration should occur after November 30th.
a group of properties could each have a greater value than a consolidated parcel as each legal lot is assessed separately.
if the development potential is restricted then a lesser value could be applicable. Under this circumstance, consolidation could cause a higher value.
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.
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.
- Vancouver Vacancy Tax
- 2018 Property Assessment Value Changes
- Misconceptions within the Property Assessment Process
- Mayor's Council Proposal for Funding Transit
- Resolving Disputes - A New Approach
- Mixed Use Properties - Potential reclassification for Property Taxation
- Classification of Mixed Use Properties September 2016 Update
- Possible Effects of FIT on Assessments
- BC Foreign Investors Tax
- NAIOP Industrial Panel
- Classification of Mixed Use Sites - Part 2
- Opportunities for Brokers
- Valuation of Properties Under Construction
- Is Assessed Value Equal to Market Value?
- Civil Resolution Tribunal Update - October 2014
- Assessment Appeal Board Changes Classification for Mixed Use Development Sites
- Strata Civil Resolution Tribunal Update
- Reviewing Appraisals - Download
- Resolving a Rental Dispute
- How are School Taxes Calculated? | doc