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BC Assessment - building value appreciation?

Posted: Mon Jan 22, 2018 2:22 am
by Austin
I have an assessment on a detached house that went from 215K to 315K in building value.    That's just crazy, especially considering our building should be depreciating in value.

Did building costs really increase that much?  Talk about insane inflation..

I'm thinking about appealing, as I don't relish the increase in taxes.

Re: BC Assessment - building value appreciation?

Posted: Mon Jan 22, 2018 1:50 pm
by westcoastfella
was the building recently renovated?  If so, assessment will definitely jack up the value of the structure, normally by the value attached to the permit.

Re: BC Assessment - building value appreciation?

Posted: Mon Jan 22, 2018 9:55 pm
by VanLord
I have an assessment on a detached house that went from 215K to 315K in building value.    That's just crazy, especially considering our building should be depreciating in value.

Did building costs really increase that much?  Talk about insane inflation..

I'm thinking about appealing, as I don't relish the increase in taxes.
was the building recently renovated?  If so, assessment will definitely jack up the value of the structure, normally by the value attached to the permit.
Aside from the renovation question, How much did the land go up, what was the total percentage increase?  What did your neighbour's properties increase by?  Were there sales nearby?  BC Assessment will look at those sales to justify the valuation of the entire neighbourhood.  If you want to appeal, contact BC Assessment first (per their website) and they will explain the reason for the valuation and then you can decide if you can make a case in front of the Appeals Panel, as you will be required to do that at a hearing. 
I did just talk to them and was worth contacting them, as I learned about the process.  If a lot of people in the neighbourhood appeal, they will start a project to re-look at the values, but in general they rely on the permits for reno's / builds, plus the sales history to compare and justify valuations.

Re: BC Assessment - building value appreciation?

Posted: Mon Mar 05, 2018 5:56 am
by Austin
Yeah, we've done nothing.  If anything, we've let things slide!
Still, construction costs have increased apparently so maybe not that far off.  Maybe our arch style has come back in vogue..