This is a friendly, interactive exchange of information on all Real Estate related subjects. Follow on Twitter: @RETALKS


Moderator: admin

 
Austin
Real Estate Talker
Topic Author
Posts: 3353
Joined: Thu May 28, 2009 1:41 pm
Contact:

BC Assessment - building value appreciation?

Mon Jan 22, 2018 2:22 am

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.
Redistribute consumption, not income.
 
westcoastfella
Real Estate Talker
Posts: 1583
Joined: Fri Mar 23, 2007 8:11 am
Contact:

Re: BC Assessment - building value appreciation?

Mon Jan 22, 2018 1:50 pm

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.
 
VanLord
Real Estate Talker
Posts: 318
Joined: Fri Aug 24, 2007 3:52 pm
Contact:

Re: BC Assessment - building value appreciation?

Mon Jan 22, 2018 9:55 pm

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.
 
Austin
Real Estate Talker
Topic Author
Posts: 3353
Joined: Thu May 28, 2009 1:41 pm
Contact:

Re: BC Assessment - building value appreciation?

Mon Mar 05, 2018 5:56 am

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..
Redistribute consumption, not income.

Who is online

Users browsing this forum: No registered users and 23 guests