In General, Assessment Values increased and the total assessed value increased 8%. In West Vancouver the increase was 13.03%, slightly ahead of 12.71% in Vancouver, 8.84% in the District of North Vancouver and 8.05% in the City of North Vancouver.
The largest increase in the Lower Mainland was Richmond at 17.04%.
The assessments are based on a market value approach with a valuation date of July 1, 2010. The figures are based on sales in a property owner’s area from January 1, 2010 to October 31, 2010.
The highest increase was in Mackenzie, BC at 21.25% and the largest decline was in Gold River at -8%.
Recreational Property of particular interest was a 2% decline in Whistler and no change in Kelowna.
Homeowners must remember that an increase in assessed value does not necessarily mean an increase in Taxes, you have to check to see if the Tax rate in your municipality has changed or if it is the same as 2010, the BC Assessment Authority has nothing to do with tax rates.
For the first time in British Columbia’s history, the value of all real estate on the annual provincial assessment roll has surpassed $1.0 trillion.
The actual (total) value of the 2011 assessment roll is $1,043,127,129,141 a increase of eight per cent over the 2010 roll total value of $970 billion.
BC Assessment is sending 2,066,261 assessment notices to British Columbia property owners, an increase of 5.5 per cent from last year’s total of 1,957,440. (Note: Several properties have multiple owners who may each receive an assessment notice.)
If you disagree with your property assessment you can dispute and get a re-assessment http://www.cd.gov.bc.ca/parp.
If you have any questions please feel free to contact Stu Bell anytime at 604.562.0532 or write me a stu@stubell.com.
