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Burnaby Industrial Properties Appear to be Over-Assessed/a>

Our research has uncovered several sales of properties with rents at market level ($11 - $12) that are showing the capitalization rates higher than the rates used by BC Assessment. BC Assessment should be using higher capitalization rates.

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Have BC Assessment Over-assessed Retail Spaces

One's first impression is that Commercial landlords are having difficulty collecting rents, tenants are going out of business, new tenants are difficult to obtain with the rents achieved being below the pre-Covid levels.

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2021 Property Assessment Value Changes

The chart below details the average % difference in the value change for each class between July 2019 and July 2020, in BC Assessment’s opinion. Note that the assessed value for 2021 is the value at July 2020.

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Assessment Of Residential Sites Under Construction

Last year, we found a number of overvalued development sites under construction. Until a few years ago, BC Assessment primarily used the Cost Approach, whereby they take the land value and add the development costs in place to obtain the total assessed value.

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Should Homebuilders Be Paying Additional School Tax?

This is an extra tax imposed by the NDP on wealth. Unfortunately, Homebuilders have been caught in the web. Was it really the intent of the government to increase the cost of housing by making homebuilders pay extra tax for 2-4 years during the pre-construction phase? The following explains the status of and reasons for current Appeals to the Assessment Appeal Board or just skip to the conclusion.

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City of Vancouver Land Averaging 2020

Should an assessed value be challenged if a property qualifies for land averaging in the City of Vancouver?

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Government Assistance: Property Tax

Property tax is payable on July 2nd generally, however certain Municipalities have or are proposing to extend payment dates. These vary daily, hence a taxpayer should visit the municipal web site for the specific date.

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2020 Assessment of Apartment Properties

A recent review of several apartment properties in Kitsilano showed BC ASSESSMENT has valued them as land rather than income investments. This is not correct.

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Development Sites: Is The Additional School Tax Applicable?

The municipalities may have made An error in charging the extra school tax to developers.

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2020 Property Assessment Value Changes

The chart below details the % difference of the value change for each class between July 2018 and July 2019, in BC Assessment's opinion.

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BC Lower Mainland Market Update 2020

If your 2020 assessment, compared to your 2019 assessment, shows a greater increase than indicated or a lesser reduction, an appeal may be merited.

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Taxes Affecting Real Estate In 2019

The NDP are proposing to change or legislate the following taxes on developers and land owners...

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Development of Sites Under Construction - 2020

The assessed value of sites under construction is based upon their state and condition at October 31st, 2019. BCA are using either a cost approach or a residual value.

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Land Averaging For 2019 Property Tax In Vancouver

Land averaging was introduced in Vancouver only, to relieve taxpayers of an unreasonable increase in taxes over the previous year. Hence where "assessed" values have increased substantially over the previous year, a formula has been created to determine each assessment.

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2019 Property Assessment Value Changes

The chart below details the % difference of the value change for each class between July 2017 and July 2018, in BC Assessment's opinion.

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Understanding B.C.'s Proportional Representation Referendum (PPTX)

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Amacon Update

The Amacon case is related to 1c(i) of the classification regulation 438. Any portion of value of vacant land or air above, that can be used for residential ONLY based upon zoning must be classified 01 residential.

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Vancouver Vacancy Tax

The City of Vancouver enacted the Vancouver Vacancy Tax Bylaw to come into effect for 2018 under Bylaw #11674. The tax of 1% will be imposed if a property is deemed either unoccupied or vacant.

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2018 Property Assessment Value Changes

The total amount of assessed values has increased as indicated on the table. In general terms, that should result in a decrease in the tax rate (millrate).

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Misconceptions within the Property Assessment Process

Everyone knows there are only two certainties in life: Death and taxes. Most landlords, tenants, and property owners want to know if they are paying too much tax and what to do about it.

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Classification of Mixed-Use Properties for Property Tax Purposes The Final Chapter – Or is it?

The Assessment Act, in a nutshell, says any land that is vacant and not zoned or held for commercial or industrial purposes should be classified residential (more specifically detailed in previous articles). We suggested that Land goes from underground to the sky, thus any zoning that limited commercial development on any floors and allowed residential, should be classed residential.

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Housing Market in the City of Vancouver

Does the city have enough zoned land, if so, why do prices keep increasing? Should we rezone more land along transit lines?

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Assessment Increases by Area: 2017 Versus 2016

If your % increase in value is greater than the average, you may be over assessed and an appeal merited. However, it is very important to make sure the assessment is not too low before appealing.

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