What does your 2018 property assessment mean for your tax bill?

Top valued home in the Thompson Okanagan located at 4358 Hobson Rd. in Kelowna assessed at $10,029,000

What does your 2018 property assessment mean for your tax bill?

Property owners across Greater Vancouver can expect 2018 assessment notices reflecting a 5 to 50 per cent increase on last year's values, according to BC Assessment.

Residential strata units in urban areas vary between a five per cent decrease and 20 per cent increase compared to 2017 numbers, while properties in urban areas increased by five per cent to 25 per cent.

"For example, a commercial property in a downtown location should not be assessed at a higher rate than a similar neighboring property". "That's pretty constant throughout the Greater Vancouver area, into the Fraser Valley, and across over into the Island", says Tina Ireland with BC Assessment.

Tim Down, President of PacWest Commercial Real Estate Advisors, specializes in annual property assessment and tax appeal consulting throughout B.C. He notes "If an assessment is incorrect, the owner will be paying more property tax now and into the future, so they need to ensure that they have been assessed fairly and consistently.

But there's good news for homeowners whose property values went up this year - it doesn't necessarily mean your taxes will keep pace.

The single most expensive home in the province is on Point Grey Road in Vancouver.

This small increase follows last year's record setting assessment, where Delta homeowners saw property values increase by an average of 42 per cent across the community.

A moderate increase for Sun Peaks, up six per cent to $831,000 compared to $785,000 in 2017.

The summary above provides estimates of average 2017 versus 2018 assessed values of residential homes throughout the Okanagan region

Overall, the Okanagan's total assessments increased from $98 billion in 2017 to $119 billion this year, according to B.C. Assessment.

In the City of Prince George, BC Assessment calculated a 5.42 per cent value increase in residential properties, 2.49 per cent increase in light industrial properties and a 3.59 per cent increase in business and other properties between the 2017 and 2018 assessments.

Down believes the significant property assessment value increases this year will result in even larger inequitable increases for many property taxpayers if not carefully reviewed and challenged.

"Prior to this, the market had been stable with slight fluctuations up and down since 2008", said Wall.

Bobby Ross, a real estate agent with Pemberton Holmes, agrees the assessment notices have little impact on the real estate market.

Owners concerned about their assessments must submit their appeal by the end of the month. The Property Assessment Review Panel is independent of BC Assessment. "That's a uniform valuation date; all assessments are based off of the same conditions that occurred across all property types", says Ireland.

The highest average single-family assessment in Greater Victoria was in Oak Bay, at $1.156 million, up from $1.036 million a year ago.

But aside from the fact that Chip Wilson's house continues to be astronomically valuable, here are a few other key facts to take away from this year's release of property data.

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