BELOW IS A RECENT POST FROM OZZIE JUROCK. Well worth the read.
More and more properties are for sale at well below assessed value.
Remember, the assessed value of your property provides the base for the municipality to apply their mill rate – resulting in YOUR taxes. (The date of assessment is always July 2 of the previous year.) Here are 3 of hundreds of examples of properties listed between 16% and 25% below assessed value.
Well below assessments:
GILPIN CRESCENT, $1,999,000 (21% below assessed value), FINCH COURT, $849,000 (25% below),
FULLERTON Ave, $299,900 (16% below assessed value). Provided by Sam Mehrbod email@example.com. He has a list of properties for sale below assessed value.
What it means is that many if not most homeowners will be over assessed for 2019! What to do?
Go to bcassessment.ca website. It’s a fine site!
Type in your address NOW!
It will show you what your assessment is. You will get an assessment notice in the next week. Check it out against sales in the area now! Compare! (Actually, you can scroll down from your address to see other suites in your building or neighbour’s assessments.) ALSO – and this is important – you get recent comparable sales the authority uses to arrive at yours.
When you get the notice and you disagree – immediately dispute! There will be a thousand disputes in January – the sooner you do it the better.
• The deadline to appeal your 2020 Property Assessment is January 31, 2019.
• Call assessors first – they are not the enemy – show them your comparable sales and why you need your assessment changed. May be solved right there.
• Next: If it does not work, write to the Property Assessment Review Panel (PARP). Hearings take place between February 1 and March 15 each year. PARP members are members of the public appointed by the Minister.
• The second level of appeal is to the Property Assessment Appeal Board ("PAAB" or the "Board"). Board members are appointed by Cabinet. The right of appeal is available to "any person" who is dissatisfied with a decision of the PARP.
Major Point: With the gyrations in the market it is VERY likely that you are over assessed – particularly at the high end. (Westside is down 20-25% in price.) Act now.